Chainlink (LINK) Analysis: Will Chainlink Coin Price Have Positive Breakout From Descending Triangle?

  • Chainlink coin price was able to have a positive bounce back during the current market session after touching the critical support area of $12.00
  • The LINK/BTC also turned positive with an overall gain of 2.83% bringing the current level to 0.0004207 BTC 
Source: Coinmarketcap

The weekly performance of Chainlink highlights the sharp negative divergence faced by the price levels after testing the critical resistance level of $18.50. The bearish retracement for the crypto asset was halted by the critical support level of $12.00 and also helped to revive its positive momentum. During the current market session, Chainlink coin price was able to have a positive breakout above the bullish mark of $15.00. The CMP is placed at $15.20 with an overall gain of 4.00% bringing the market capitalization to $6,003,589,676 resulting in an increase of 3.76%. The 24-hour volume traded has reached $2,995,366,504 resulting in a decline of 8.71%. 

Chainlink Coin Price Looking For Positive Breakout 

The technical chart of Chainlink coin price reflects on the magnitude of the negative momentum faced during the past couple of trading sessions which was halted at the support level of $12.00. The price levels were able to revive positive momentum from the support level and will be looking for a positive breakout from the descending triangle pattern. For having a positive breakout, the price levels must break above the 0.382fib level. 

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The moving average convergence & divergence (MACD) has formed a bullish crossover and the levels looking for a positive breakout above the histogram line. 

The relative strength index (RSI) has also regained bullish levels after facing multiple negative dips to the oversold region and currently stands at 51.87. 

Resistance Level: $15.50 & $18.50

Support Level: $13.00 & $12.00

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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.

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