ChainLink News

Chainlink Price Prediction: Chainlink should beat resistance at 50-SMA for bulls to remain intact

TL;DR Breakdown

  • Chainlink opened the daily chart at $29.98 against the US dollar.
  • Chainlink’s daily chart seems to be sloping below $29.25 support on the 4-hour chart.
  • The coin’s pattern is facing massive resistance at $29.67

Chainlink Price Prediction: General price overview

Yesterday’s Bitcoin bullish curve might be sending bullish signals across the altcoin markets. Chainlink‘s MACD indicator turned from red to green yesterday; after spending the past few weeks in the bearish zone. Chainlink’s blue line adjusted above the signal line to indicate a buy action. The bulls are anticipating a recovery above the mean streak to strengthen their price control against the bears. 

However, selling pressure remains congested along with the 50 simple moving average resistance. If the bulls fail to crash this resistance, a downward correction will take place. There is a $28.77 support on the downside, and the altcoin remains hopeful of remaining intact above the $1.00 price level.

Chainlink opened the daily chart at $29.98 against the US dollar. And then faced a sharp drop of $28.72 before recovering in an ascending channel. Since the early morning trading hours, the coin has been facing stiff resistance and undergoing mild corrections. A key bearish zone is forming below the $29.12 support on the 1-hour chart. The bulls should find a way to overturn the downward trend and push for an upward correction above the 50-SMA. 

Generally, the coin is also preparing for a massive liftoff.  A positive signal is a symmetrical triangle that’s taking shape on the 4-hour chart.  The pattern is indicating an upcoming price consolidation ahead of a hot breakout.  Remember, symmetrical chart triangles are popular when drafting exact targets and pinpointing high and low points. Nonetheless, if the coin will undergo an upward movement, it must first overcome seller action resistance at the 50-day Simple Moving Average. 

Chainlink price movement in the past 24 hours

(Source: Tradeview)

Chainlink traded at a low of $28.72 on the 24-hour trading chart—the high marked territory at $30.51 and a negative percentage gain of 2.71%. 

Chainlink’s daily chart seems to be sloping below $29.90 support on the 4-hour chart. This is despite ignoring negative bearish signs yesterday and surging upwards. A technical pattern has taken shape on the 4-hour chart, which is signaling the highly anticipated breakout.  However, before that, the bulls need to battle a strong key resistance at the 50-SMA. 

Chainlink 4-hour chart

(Source: Tradeview)

Relative Strength Indicator is within a bearish zone (at 37). Simultaneously, the stochastic indicator is awaiting a bullish cross around the oversold region (at 5).  The LINK/USD pair is also trading below the 100 Simple Moving Average ($30). An ascending trendline is slowly forming around the 100 SMA, and hopefully, bulls will overcome a price hurdle at $30.4

Chainlink Price Prediction: Conclusion

Chainlink was trading near the $31 high throughout February. The coin has, however, undergone a gradual downswing since the beginning of March.  As a result, the coin’s price is now caught within a stalemate between the price range of $28.00 and $31.00 for the past two weeks. Chainlink has to break this stalemate if any hopes of a bullish direction are to hold.

This post was last modified on March 15, 2021 10:24 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

Recent Posts

Shiba Inu gains 10% overnight as ETH whale invests $11M

TL; DR Breakdown Shiba Inu experienced a rise in price by almost over 50%. Shiba… Read More

October 26, 2021

American Express CEO: Crypto-linked credit card? Not soon

TL; DR Breakdown Amex will not offer crypto-linked cards soon.The company is studying the crypto… Read More

October 26, 2021

United States regulators want banks to hold crypto

TL;DR Breakdown • An FDIC agent confesses that a regulatory plan for cryptos is being… Read More

October 26, 2021

Major South Korean pension fund denies Bitcoin ETF investment rumour

TL/DR Breakdown Korea Teacher’s Credit Union denies any plans of investing in a Bitcoin-backed ETF.It… Read More

October 26, 2021

Iris Energy, Australian crypto mining firm set for IPO

TL;DR Breakdown Iris Energy set to go public on Nasdaq stock.Iris not first crypto mining… Read More

October 26, 2021

New DFSA regulatory framework targets investment tokens in Dubai

TL;DR Breakdown New DFSA regulatory framework targets investment tokens.The framework classifies investment tokens as securities… Read More

October 26, 2021

This website uses cookies.