TL;DR Breakdown
- Chainlink price prediction expects a rise to $12.98.
- Strong support is found at $11 mark.
- Strong resistance is found at the $12.40 mark.
The Chainlink price prediction by Tadej suggests that the LINKUSD pair is set to move towards the $12.98 mark once the Adam and Eve pattern comes into play. On the first day of the year 2021, the cryptocurrency observed an abrupt uptrend and rose to the $12.40 mark.
1-Day Chainlink price analysis
The cryptocurrency has seen a zigzag pattern over the past 2 days where the price trajectory can be observed tracing multiple ups and downs on the chart. The price observed an ascension just as it entered the new year and hit the $11.6 mark before it turned bearish. At the time of writing the cryptocurrency stood at the $12.2 mark. At noon on the 1st of January, the cryptocurrency’s price shot up towards the $12.40 mark.
The trading oscillators show that the cryptocurrency has hit a sell signal near the $12.40 level. This appears as an entry-level for a sell position, which means that the coin is expected to go down from here. Currently, the price rests at the $12.20 level after observing an abrupt ascension towards the $12.40 level. The highest price approached during the day was $12.48, whereas the lowest price hit was $11.10.
The Relative Strength Index (RSI) has come down to 46.86 on the short-term, which means that the cryptocurrency is in the neutral range. The technical indicator was recently at 71.04 in the overbought region on the 1D time frame.
The Moving Average Convergence Divergence (MACD) line has come below the signal line on the charts as the histogram size appears to be decreasing in the negative region. This shows that the LINKUSD pair has a bearish bias right now. The midline of the Bollinger bands was broken below by LINK price. The lower Bollinger band stands as the support right now. All of these indicators suggest a bearish move ahead.
Chainlink price prediction: What’s next for the cryptocurrency?
The Trading View analyst Tadej believes that the LINKUSD pair will form an Adam and Eve pattern on the 1H time frame. This is a bullish pattern, and the cryptocurrency is expected to rise towards the $12.98 mark next, which is where the next target price lies for this Chainlink price prediction.
The stop-loss order was placed at the $11.046 level. The Adam and Eve pattern is a bullish indicator, and the price rises towards the top after forming an inverted curve towards the downside. While the price did not follow the expected trajectory sketched in the Chainlink price prediction by Tadej. In the long-term, the analyst expects the price to grow until it hits the $12.98 level.
The Adam and Eve pattern that came into play on the 31st of December and the 1st of January does look a bit deformed, per the analyst, which is due to the stop hunting. The analyst stated that the stop-loss should have been placed near the $10.78 mark or lower to avoid the deformation. However, the price observed a jump on the 1st of January and is expected to head upwards.
[the_ad id=”48512″]
