Chainlink (LINK) price analysis: Levels to watch in March

Written by: Michael Harris
March 5, 2021
  • The mass crypto adoption is clearly in play with Google Finance adding a dedicated crypto tab
  • LINK price is trading about 20% higher this week as the buyers are staging a rebound
  • On the upside, the next targets are $41.30 and $46.85

Chainlink (LINK) price is trading about 7% higher on the day to build on yesterday’s gains of 12%. 

Fundamental analysis: Google Finance now has a dedicated Crypto tab

The mass crypto adoption is clearly in play with Google Finance adding a dedicated crypto tab, placed right among the top five default markets including the United States, Europe, Asia, and Currencies. This indicates that crypto continues to win mainstream acceptance.

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The world’s largest cryptocurrency by market cap has been on a frenzy this year, hitting record after record, thanks to increased adoption by institutional investors. Several major companies have made substantial investments in Bitcoin lately, including Tesla, Microstrategy, BNY Mellon, and more. 

According to some analysts, this year’s rally is different from the one in 2017 which was mainly fueled by retail investors. 

Google searches for “Bitcoin” over the past few months are still short of a huge number of searches recorded in 2017, according to Google Trends. The number of searches for Bitcoin on Google is much higher compared to the rival market indices under the S&P 500 and NASDAQ Composite. 

However, Google Finance currently supports only several digital currencies including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The tool displays both historical and real-time data for these cryptocurrencies.

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Technical analysis: Levels to watch

LINK price is trading about 20% higher this week as the buyers are staging a rebound amid a sharp selloff last week, when the cryptocurrency lost over 27%. Last week’s low of $21 offered a chance to new LINK buyers to get on the long side as bulls eye new highs. 

Chainlink (LINK) daily chart (TradingView)

A record high of $36.92 will continue to act as resistance now. If broken, we can expect a quick move to clear stops above this level. On the upside, the next targets are $41.30 and $46.85. Lower, the $20 mark is crucial support.

Summary

Google Finance now includes a new dedicated crypto tab, placed on the top of the page among the five default markets. Separately, the LINK price has rebounded after last week’s plunge.