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Chainlink Price Analysis: LINK breaches support at $29, what’s next?

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis rose from $30 to $34 in just two days.
  • Extremely bullish momentum attracted a lot of investors.
  • LINK/USDT had breached the resistance at $30.75, aiming for the next resistance at $34.707.
  • Major support is present at $29.5, while the nearest is at $30.864.

Today’s chainlink price analysis will revolve around the bullish scenario that the cryptocurrency has portrayed in the past 24-hours. Although, a major outbreak can be seen throughout the cryptocurrency market due to Bitcoin closing a candle above the $51K resistance price.

After months of bearish sentiment, we have finally been greeted with the bulls. Therefore, it can be concluded that the LINK/USDT trading pair maintain bullish growth in the short as well as long term.

Chainlink Price Analysis: LINK breaches support at $29, what's next? 1
Source: Coin360

The chainlink price analysis will be done on the basis of readings of technical indicators from the 4-hour charts. A cryptocurrency that has sound fundamentals and proper real-world use cases is something that every investor looks for. Without proper use cases and sound technology, any investment strategy will fail. Chainlink is one of the fundamentally sound coins backed by Oracle.

According to the analysis of today’s market, we can see that Bitcoin has been trading with a bullish outlook. Closing a candle at $51.8K, Bitcoin confirmed its bullish stature as it gets ready to test the nearest resistance at $52543.57. If the resistance is broken, we can expect new all-time highs for altcoins as well. The trading value for Chainlink has increased by 100.69 percent, while the market cap has surged by 14.33 percent.

Chainlink price analysis: What do the technical indicators on the 4-hour chart say?

The major indicators that will be discussed are the RSI, MACD, Moving Averages, and the Bollinger Bands. These indicators are used by almost every trader to trade in a crypto pair. Therefore, using the fundamental principles of trading, we can see that the price action has broken from the upper end of the Bollinger Band.

We can also see that the price movement is currently above the key Moving Averages, i.e., the 50-day and the 100-day Moving Averages. If these Moving Averages maintain, we can expect further development in the bullish action of LINK/USDT.

Chainlink Price Analysis: LINK breaches support at $29, what's next? 2
Chainlink price analysis on 4-hour chart by TradingView

Considering another 4-hour chart representing the LINK/USDT price action, the Relative Strength Indicator flashes at 77.6, which lies in the oversold levels. After breaking out from the previous resistance at $30.75, the next resistance is at $34.707, which is yet to be broken. Although, it can also be seen that the current price is 34.5 percent below the all-time high.

From the RSI, it is clear that now would be the best time to sell the cryptocurrency pair. Also, considering the MACD indicators, have a look at the chart below. There are two lines below that have significant importance. The blue line is also termed as the MACD line which when traverses above, signifies a bullish divergence and if the blue line is above the orange one, bulls are in charge.

Corresponding to this, the histogram is flashing green, resulting in bullish price action. Following this bullish momentum, we can expect that the LINK price might test the other resistance sooner than expected.

Chainlink Price Analysis: LINK breaches support at $29, what's next? 3
Chainlink price analysis on 4-hour chart by TradingView

Chainlink price analysis: Conclusion

To conclude our Chainlink price analysis, we can say that the momentum is definitely bullish. If Bitcoin is able to rise above the next resistance at $52k and close a candle above this level, new highs can be seen for Chainlink. Chainlink’s another use case was announced by the organization Twitter:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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