Chainlink Price Analysis: LINK/USD to break past the $29.3 resistance

Chainlink Price Analysis

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD pair is trading at $26.77.
  • Resistance is found at $29.3.

Chainlink‘s price is continuing to climb as the Chainlink price analysis reveals a further boost in the value of the price. The LINK/USD pair broke above $25.2 yesterday and has continued to rise today, with bulls pushing the bar higher. Today Link surpassed the psychological $25.3 barrier set by bears on December 2nd, signaling a clear trend reversal.

The resistance level is found at $29.3 if bulls continue to push upwards, while a pullback may be necessary should bears strike again soon. The pullback would allow traders an opportunity to initiate long trades with stops placed below $25 should the bearish momentum return before the end of the day.

Long trades may be taken after price levels found at $29.3 are breached rather than waiting for the anticipated double top pattern to develop. Yet, there is no guarantee that it will form after such an important level was breached by bulls today. If you wish to take a long position, make sure stop losses are in place below your entry positions; we do not know if the bearish momentum will resume.

The LINK/USD pair has been following a bullish trend since the first week of September. The bullish run has not yet come to an end as bulls continue to fight against bears who have been trying for over six weeks to halt the price from going above $30.2.

Link 100 Simple Moving Average, which was flat yesterday and is still flat today, will shortly cross its four-hour 200 SMA from below, indicating that the bull momentum is growing stronger. If this level is breached, it would suggest that the bullish trend continues; however, if resistance at $29.3 holds back any further rise in price levels before another push higher occurs should resistance at $29.3 be broken again, bulls may be required to wait before attempting for another push upwards.

LINK/USD four-hour price analysis chart: Recent developments

The 4-hour Chainlink price analysis reveals that the coin corrected severely in the first eight hours of today’s trading session. Still, it subsequently began a robust recovery as the price fluctuation was relatively rapid but has begun to slow down at the moment.

Chainlink Price Analysis: LINK/USD to break past the $29.3 resistance 1
LINK/USD 4-hour price chart. Source: TradingView

At $22.7, the volatility indicator has a high limit of 26.7, indicating resistance for Chainlink, and the lower limit of the indicator suggests a minimal range of $22.7. The RSI is at index 57, but despite this, the slope is indeterminate upwards as price movement has slowed lately, implying opposition from the other side.

Chainlink Price Analysis: Conclusion

The Chainlink price analysis indicates that after the most recent bearish assault began yesterday, the currency rebounded today, pushing the value down significantly, but that the bulls were able to make a strong comeback; and that a further price increase may occur today.

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.
Sergio Goschenko

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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