Chainlink (LINK) Price Analysis: LINK Bulls Unable To Break $4.00 Resistance

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Chainlink coin price showed a significant positive momentum in today’s market with 1.50% growth.
  • The cryptoasset has also reclaimed the crucial mark of $3.70 indicating future bullish movement.

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Source: Coinmarketcap

On the 7day-weekly chart, Chainlink Price started with a safe level of $3.50 and the overall bearish movement in the market has brought the price consolidation scenario for the cryptoasset.

The cryptoasset gradually gained momentum to the price level of $3.60 and now the price level is back again to a safe spot of $3.70.

From here on, LINK can sustain the price mark of $3.50 and build on bullish momentum to the level of $4.00. However, it is facing major resistance of $3.80 in the price growth process.

As of now, chainlink (Link) is now having a strong support level of $3.50. Any price fall below the price mark will again result in a major downfall for the altcoin.

Chainlink (Link) Technical Analysis 

Screenshot (276)
Source: Tradingview

The technical graph reflects the heavy positive momentum faced by chainlink which forced a giant leap from the price level of $2.00 to the level of $3.70.

The MACD levels have to sustain a bullish zone which is a positive sign for the cryptoasset. The levels also suggest that there can be a condition of the bearish cross in the bullish region.

The 24hr- RSI is showing downtrend nature with the level of 45. Any further downfall below the level of 40 will invite bears into play again

The 24hr-CCI had a negative divergence from the tip of the overbought region and can sustain it in the normal zone. However, due to the profit booking momentum present for the cryptoasset in the market, it may reach the oversold region.  

Resistance level: $3.80 and $4.00

Support level: $3.50

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