TL;DR Breakdown
- ChainLink price prediction expects a rise to $18.
- Strong resistance lies at the $16.6 mark.
- Strong support lies at the $14.6 mark.
Chainlink’s price picked up the pace towards October of last year but it suffered from some major corrections as the year ended. However, the new year has so far proved to be positive for Chainlink as the cryptocurrency has been on a very steady upward trajectory. The 24-hour low for the cryptocurrency was $14 while the daily high was $16.36.
At the time of writing, Chainlink stands at $16.19. the market sentiment for Chainlink is bullish. Out of the total twenty-four technical indicators, thirteen are at buy, and 8 are neutral, whereas only 2 are at sell indication. The oscillators are mainly neutral with just two indications of buy and one of sell. Eleven of the thirteen moving averages are giving out a signal of buy, whereas neutral and sell are at 1 indication each.
ChainLink price predictions: What to expect?
Analyst Trading Guru is predicting a value of around $18 for Chainlink in their Chainlink price prediction. As per the analyst, the $14 price level was previously a strong resistance level. As the cryptocurrency established itself above the level, the resistance level of $14 has now turned into a strong support level. Hence, the analyst is predicting the cryptocurrency to not suffer from major losses in case of corrections. The resistance level now lies at $17.
This level has proved to be a major one, but the analyst predicts a break out of the resistance level and establishes it as support as well. If Chainlink successfully breaks out of the resistance level, the next resistance will be encountered by the cryptocurrency at its all-time high level, $19.5. if Chainlink crosses the second level of resistance, it will enter the moon zone, where it is expected to reach sky-high price levels.
Analyst LiL has identified a falling wedge in their Chainlink price prediction. The falling wedge indicated the bullish momentum of the cryptocurrency. Currently operating inside the falling wedge formation, the analyst is predicting a break out from the formation soon. If the cryptocurrency is successful in its upside break out, then the analyst predicts a sharp spike of the Chainlink toward $22 – breaking its all-time high.
However, if Chainlink does not break out to the upside, then the lower boundary of the falling wedge formation can be expected to provide strong support to the cryptocurrency – the $14 level. The EMA 50 can also be seen consolidating with the lower boundary, making the support level stronger. The MACD appears to be taking a bearish downturn; however, RSI is gaining bullish momentum.
Analyst Waiting Bug has identified two possible scenarios for Chainlink in their Chainlink price prediction. The analyst has also identified a, somewhat, falling wedge formation. As per the analyst, there are currently two viable scenarios. In the first scenario, the upward pressure will push Chainlink to break out to the upside from the formation and achieve a price level of $17. In the second scenario, a break out to the downside will result in a value of $12 for Chainlink.
