Chainlink price strong against Bitcoin above $2

Chainlink price strong against Bitcoin above

Chainlink price movement is dependent on Bitcoin price largely in the sense that every other cryptocurrency depends on it. But at the time of writing, Chainlink is showing strong movement against Bitcoin.

Bitcoin and other cryptocurrencies have witnessed a relatively small rebound from their support, including Chainlink, which seems to be consolidating around $2.26 against the USD.

chainlink price chart 1 - 1st April 2020Chainlink price chart by Trading View

After getting the support at around $1.8 in mid of March, LINK pushed up to $2 on Monday in order to indicate an upcoming bullish action. In the meantime, Chainlink is presently trading against the resistance at $2.4 for almost two weeks.

Moreover, about two times the price has been rejected at $2.75. At present, the price action seems to be trapped in the rising triangle.

Chainlink price facing resistance at $2.4

If Chainlink succeeds in overcoming the $2.4 resistance, then the next target will be $2.75 resistance, and that is near the upper boundary of the triangle. A break just above the triangle would be confirmation of a short-term bullish reversal towards $4.

Chainlink price chart 2 - 1st April 2020Chainlink price chart by Trading View

Presently, Chainlink is depending on the $2 for support. A sharp drop under this level can roll LINK back to the $1.52 and $1.35 lows of March. The latest drop might begin if LIN drops any lower.

Following a decline of four weeks, Chainlink has found temporary support around 33000 SAT. This development has enabled Chainlink to record its first noteworthy gain in the last two weeks.

Featured Image by Chainlink

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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