- Chainlink price currently trading at $30.20 against the US Dollar.
- The coin faced a massive rejection near the $30.2 support and crashed to $29.64 (24-hour chart).
- LINK has formed strong supports around $28, $28.5, $29, and $29.5 on the 20-day simple moving average.
Chainlink (LINK) is trending at 20-day Bollinger bands of $28.28 and $30.31 price levels, respectively. The coin kicked off the year at a low of $11.52, where it formed its first significant support at $13.23 and continued with a gradual trendline to an all-time high of $34.76. It is now trading at $30.20 against the US Dollar.
Besides, the altcoin is trading $0.5 above the MACD indicator, representing a selling signal. While the price could be heading towards an upward trendline, selling pressure might pull the coin below the $27.708 key resistance. Such a downswing could open the door for further declines and push the coin towards the oversold region.
Meanwhile, Chainlink (LINK) opened the daily chart at $27.82 and attained an intraday high of $30.26. The percentage change is 7.26%, which indicates a bullish formation. Ideally, this shows the bulls still have their hopes high for an upward price correction that could see LINK hit a new all-time high.
The coin also faced a massive rejection near the $30.2 support and crashed to $29.64. However, the bulls remained intact and were able to sustain the price for a sharp rise. As a result, LINK was able to thrash multiple resistance levels and recover to near the $30.2 zone.
LINK has formed strong supports around $28, $28.5, $29, and $29.5 on the 20-day simple moving average. These are also the very supports holding the price of LINK intact on the 24-hour chart and preventing it from succumbing to bearish pressure. The coin might have opened the day at a bottom of $27.82, but it has maintained an intraday upswing since the early trading hours.
The coin is also likely to find stronger bids around these supports and might break above the next key resistance at $31.00. Breaking above this resistance will clear the way for buying pressure as the market will anticipate an uptrend towards past February’s monthly high.
LINK/USD is consolidating towards recovery on the 4-hour chart within the $29.64 and $30.29 range. The chart also indicates a bullish pattern with several green candlesticks. This means the altcoin could be sloping towards a new intraday high. The bulls have their hopes of hitting a target of $31, but they seem to be facing a hard time sustaining the price. The downside at $29.00 seems to be facing the least resistance, but the bears are also intensifying selling pressure and could pull the price below the 5-day SMA.
Chainlink (LINK) price prediction
The market should anticipate a LINK rally over the next few days. Besides, the ATH resistance indicates the coin will retest its February uptrend and hit resistance above the 61.8% Fibonacci retracement level.
Some believe Chainlink(LINK) is the next most suitable cryptocurrency for investment after Bitcoin. In fact, a report made on the 5th of March by Citi GPS indicates LINK is on its way to eclipsing BTC as the most prominent coin and blockchain platform.