Chainlink (LINK)

Chainlink [LINK] marines bought the latest pullback which helped in its recovery and cutting short its weekly loss to just 1.11%. Following this, the crypto-asset has been stuck between the range of $24 and $32 and was currently in a consolidation phase as sell pressure continued to grapple the coin market. LINK’s volatility appeared to have cooled down, at press time.

Chainlink [LINK] was still down by 4.35% over the last 24-hours, as its trading volume also took $1.038 billion during the same time frame. The crypto-asset was trading at $27.19 while registering a market cap of $11.34 billion as it fell to the 11th position on the leaderboard.

Chainlink [LINK] Daily Price Chart:

The latest correction in LINK’s price pulled the crypto-asset to a level last seen during the late-Feb dip. Even as the price candles recuperate, the upward sloping 50 DMA [Pink] moved over them and trapped any aggressive bullish move. The 100 DMA [Blue], on the other hand, continued to hover below the candlestick arrangement.

If the LINK/USD pair fails to move above the 50 DMA, the bears could sink the price further low.

LINK Bulls Struggle To Dominate Market

The green closing bars of Awesome Oscillator depicted a low but bullish momentum that could help pull the price of Chainlink up from the current region. The MACD also appeared to be headed for a bullish crossover after weeks in the negative zone.

The RSI, however, faced severe rejection at the 50 DMA as sell pressure continued to gain traction in the Chainlink market. Hence, the possibility of the resumption of an uptrend seemed bleak.

The technicals have so far project a clear advantage either to the bulls or the bears which could mean that the LINK could tread in a similar pattern for a few more days before demonstrating some clarity on its direction.

The immediate resistance levels for Chainlink were found to be at $29.74, $31.77 and $34.73. The token found support at points $24.75, $21.09 and $18.36 respectively.

Chainlink [LINK] gained a much-needed upside momentum after weeks of dull price action. This helped it negate the losses and instead flip weekly gains of more than 16%.

Despite a major retreat from its all-time high above $35, the crypto-asset made a turnover to a crucial resistance level.

Chainlink [LINK] was up by 11.95% over the last 24-hours which drove the token value to $29.60. The extended sell-off period pushed the crypto-asset to the ninth-position on the crypto leaderboard.

Chainlink [LINK] Daily Chart:

Chainlink [LINK] underwent a bearish breakout after a month-long upward streak. The placement of the moving average remained unfazed by the plunge. The crossover between the LINK candles with the 50 DMA [Pink] was short-lived as the moving average settled below the former after the recent price rise.

Also, the 200 DMA [Purple] continued to hover quote below the 50 DMA as well as the candlesticks which was also suggested a bullish phase for the coin.

The gauge between the two moving averages continued to be on the rise which was a positive sign for LINK’s price action. The above chart depicted a strong buying at lower levels.

The Chaikin Money Flow noted a minor uptick indicating a inflow of capital in the coin market as price began to recover from slumber.

In addition, MACD hinted at a bullish reversal after being position on the negative side for nearly two weeks.

The RSO also recovered from the bearish territory as it made headway above the 50-median line depicting a rising sentiment buying pressure in the Chainlink market among the investors.

If the bulls manage to stall a correction at the current level LINK could target its immediate resistance level of $34. If the predicted bullish momentum fails to transpire, Chainlinnk could dip all the way down to its nearest support of $25.5. Failing to hold this level, could trigger another drop to the $21.5 support area.

The entire crypto market was on a rise. Chainlink [LINK] and Cardano [ADA] were the stars of the latest crypto rally. The altcoin didn’t shy away despite being fairly new to the crypto-verse. Several coins followed a similar trend and hit new highs. Bitcoin seemed to be finding its way back to $40K. The asset was seen at $37K during press time. XRP was finally done sulking, the altcoin had managed to get gains of over 50% in the last seven days. Binance Coin [BNB] had also spiraled upwards as it recorded a new high.

LINK during the time of writing had surged by over 11% in the last 24-hours. The coin was priced at $26.4 which was its all-time high. The altcoin surprised everyone after it navigated its way into the top ten. Currently, LINK stands as the seventh-largest coin with a market cap of $10.63 billion. LINK had taken over prominent cryptocurrencies like Litecoin, bitcoin cash, and several others in terms of market cap. 

Chainlink [LINK] One-Hour Price Chart

The one-hour price chart of Chainlink on Binance revealed that the bulls were saying sayonara to the LINK market. The chart of the altcoin was in for a downtrend in the short term. The Bollinger Bands indicator was seen diverging, this further suggested that LINK was in for a fluctuation in its price.

The Awesome Oscillator indicator proposed that the potential change in the asset’s price would be in the downward direction as it formed red closing bars. The MACD indicator had undergone a bullish crossover. However, the MACD line was seen moving close to the signal line for a bearish crossover.

Chainlink [LINK] Short Term Price Chart

The volume in the LINK market was moderate as the activity seemed to be limited. The Relative Strength Index [RSI] was above 50 median, which suggested that a buyers’ market was still unimpaired. However, the marker was pointing downwards.

Chainlink [LINK] just hit a new all-time high above $25 as it amassed weekly gains of 17.78%. The latest fresh ATH comes after LINK hitting a peak of $21 on the 15th of January, only to crash by 20% a couple of hours later. The progression was quick as the crypto-asset jumped from $22 to $23 on Monday and Tuesday before reclaiming the top.

Despite minor retracement, the seventh-largest coin’s fundamentals were found to be very bullish.

A rise of 3.22% over the past 24-hours took Chainlink’s [LINK] price to $24.11. At the time of writing, the token registered a market cap of $9.78 billion and a 24-hour trading volume of $5.43 billion, at the time of writing.

Chainlink [LINK] Daily Chart:

Chainlink [LINK] has managed to maintain the uptrend as its price continued to march higher. Closely mimicking the positive price action, the moving averages also followed a parabolic-like route.

Minor signs of convergence of the 50 DMA [Pink] and the 100 DMA [Blue] were invalidated following LINK’s subsequent price ATHs. The two moving averages along with the 200 DMA [Purple] continued to support the candlestick arrangement from downside correction.

Chainlink’s [LINK] upward momentum flipped the MACD to a strong bullish zone above zero after hints of a bearish crossover following a minor correction. The Stochastic RSI was also in the safe territory and is yet to reach the overbought zone potentially depicting that the coin’s uptrend is not done yet.

Contradicting the bullish argument was the RSI which was also well above the 50 median line but formed a bearish divergence creating an overbought reading followed by a lower high that matched corresponding higher highs on the price. Apart from this, there was no indication of a greater dip for LINK.

Hence, Chainlink would need to hold its fort above its resistance-turned-support of $23.32-level to aim for bigger upsides in the coming days. Failing to hold would trigger a decline to $20.13 and $16.9 respectively.

Its immediate resistance level was found to be at $25.

After an impressive rally of nearly 30% over the week, Chainlink [LINK] hit a fresh all-time high of $23.6 before retreating mildly. Unlike most of its peer high market cap altcoins, Chainlink found a bullish breather as the week started.

The token’s previous ATH was recorded in August 2020 when its price reached nearly $20.

Despite the correction, LINK was up by 3.41% over the past 24-hours which drove its price to $20.37. At the time of writing, the crypto-asset recorded a market cap of $8.16 billion and a 24-hour trading volume of $3.47 billion.

Chainlink [LINK] Daily Chart:

Chainlink [LINK] has roughly doubled its valuation in the first two weeks of the year as the strong bullish momentum continued. The previously converging moving averages underwent a reversal closely mimicking the price action of the token.

The gauge between the 50 DMA [Pink] and the 100 DMA [Blue] rose substantially which depicted a rising bullishness in the LINK market. The above further noted that the bulls were buying dips at very point maintaining the positive price action that has been lacking in the extended market.

Meanwhile, the Fib retracement also highlighted some crucial levels of resistance to look out for in case of LINK bulls resumes its upsurge.

Chainlink [LINK] technicals depicted a mixed picture. The MACD, for instance, continued riding the bullish wave above zero depicting a strong sense of buyers demand in the market which could further advance its price to levels not seen before.

The Stochastic RSI, on the other hand, underwent a bearish crossover as it took a plunge from the overbought zone. It also formed a bearish divergence along the way.

The RSI, however, maintained its strong hold above the 50-median line despite bouncing off from the overbought territory.

The above charts indicated that despite the strong bullish momentum, the bears appeared to be fighting for dominance. While a retracement in the short-term could very well be on the cards, the token might not undergo a damaging fall.

As depicted by Fib, Chainlink could witness a drop from its nearest support of $19.83 to $17.31. If bulls manage to retain this level, the token could witness a fresh uptrend following which LINK might very well challenge its overhead resistances of $21.15 and $23.04.

In an unlikely scenario of an increasing bearish pressure, LINK could further test support levels of$15.32, and $12.67 respectively.