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Chainlink price analysis: LINK/USD to break above the $26.4 resistance

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • Strong resistance is present at $26.4.
  • Support for LINK/USD is present at $24.1.

The price of Chainlink fell to $25.3 after it was rejected by $25.3 during the late hours on Wednesday, and the fall continued today as well. However, LINK managed to gain support, and there has been some increased price movement recently. The current bullish wave has formed a short-term upwards pattern as the coin has risen to $26.4, but this resistance will likely be broken.

LINK/USD price movement in the last 24 hours: Price drops as bears intervene in the bullish trend

The price is currently facing strong resistance at $26.4, as it was rejected by this level twice in the past. If LINK can break above this resistance, it could reach the $30 mark.

On the downside, support is present at $24.1, which is the breakout level of the pennant pattern. Furthermore, multiple bullish indicators on the 4-hour chart would signal reversal if this level manages to hold against price movement in the future.

Overly, it seems that if LINK can break past $26.4, there could be a potential bull run that takes the price to $30 or higher. Conversely, if LINK falls below $24.1, it could signal a downward trend soon.

LINK/USD four-hour chart: Recent developments and further technical indications

Looking at the 4-hour chart, we can see that Chainlink has been forming a bullish pennant pattern as it trades above the Ichimoku cloud. The conversion (blue) line is above the base (red) line, which signals bullish momentum. The Ichimoku cloud is also green, which confirms the current uptrend.

LINK/USD 4-hours price chart. Source: TradingView

On the 4-hour chart, the volatility is rather limited; during recent hours, the price has dipped below the Bollinger band average line, which was previously serving as a support level for the currency, before moving to become a resistance level at $25.3. The RSI dropped into the lower half of its neutral zone and then exhibited oscillators are generally pointing towards an oversold region, but they are still displaying multiple bearish signals.

The four-hour chart for LINK/USD indicates that there has been a considerable downtrend since November 14th. The downward channel mentioned earlier is currently testing the resistance level of $wing to the bearish engulfing candle pattern; the downtrend will likely continue, and LINK could fall below the support level of $24.5.

The current market conditions for LINK are quite positive as the bulls have been able to push the price back above $24.5 after it had fallen below this level on Wednesday. If LINK can break past $26.4, it could reach the $30 mark.

The volatility for the crypto pair is quite high despite the price fluctuations being small after November 26th. The price is trading below the Bollinger band average, standing at $27.4, representing the resistance level. The lower end of the Bollinger bands is present at $21.6, representing the support level for LINK.

The relative strength index (RSI) is trading in the lower half of the neutral zone and is present at index 37, though the indicator is still in the neutral zone but shows sellers outpowering the buyers in the market forINK/USD 1-day price chart.

The 4-hour price chart for Chainlink price analysis shows the coin corrected for 12 hours continuously, including the first hours of today’s today session. However, during the last eight hours, a price improvement was observed as the bulls managed to make a comeback.

Chainlink price analysis: Conclusion

The Chainlink price analysis for today indicates that bulls are in control, as the price is lower than yesterday. However, we anticipate LINK to continue rising for the next hours because the price has been boosted during recent hours before declining later today.

Disclaimer. The information provided is not trading advice. 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.

This post was last modified on December 3, 2021 10:57 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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