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- Chainlink coin price showed a significant positive momentum in today’s market with a 1.00% growth.
- The cryptoasset has also reclaimed the crucial mark of $3.70 Indicating future bullish movement.
On the 7day-weekly chart, Chainlink (Link) 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 LINK gradually gained momentum to the price level of $4.00 and now the price level is back again to a safe spot of $3.70.
From here on, chainlink 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 $3.90 in the price growth process.
As of now, chainlink 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.
The main and the only hurdle for chainlink’s bullish momentum is the resistance level of $ 4.00. In yesterday’s bullish move also, the crypto asset attempted to cross the resistance level but was unable to.
Chainlink Technical Analysis
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 are not sustaining a bullish zone which is a negative sign for the Chainlink. The levels also suggest that there can be a condition of the bearish cross in the bearish region.
The 24hr- RSI is showing positive nature with the level of 50. Any further downfall below the level of 50 will invite bears into play again
The 24hr-CCI had a positive divergence from the oversold region and is looking to move forward. However, due to the profit booking momentum present for the LINK in the market, it may face negative divergence again.
Resistance level:$4.00
Support level: $3.70 and $3.50
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
