BIT

Chainlink Coin Price Sets A Mark Of All-Time High $24.35

chainlink price analysis
  • Chainlink performed positive momentum on Saturday’s trading session
  • Chainlink coin price is $23.68, which is up by 14.77% in last 24 hour time frame and is 8.93% up from the previous week
  • LINK/BTC pair is positive with a gain of 11.17% in Saturday’s trading session (0.00072639)
Source: Coinmarketcap

Chainlink had positive momentum on the weekly chart, and it went up to $24.35 on January 23, 2021, while breaking above the resistance zone. LINK price set a mark of all-time high with help of overall market conditions. The LINK/ETH pair is also in an uptrend with a value of 7.90% in Saturday’s trading session (0.018750).

Chainlink Technical Chart Reflects A Rising Channel Pattern

Source: TradingView

The technical chart of Chainlink highlights a positive trend with the help of overall market conditions on Saturday’s trading session. Chainlink current price is $23.68, with a resistance zone of $24.63, following the support zone of $14.80. One can observe a rising channel pattern, and soon it may fall from the pattern forming a bearish momentum. Diving into the weekly chart of 1-hour time frame, it forms an engulfing bearish candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

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The Volume indicator of value (525.242K) reflects a selling volume in coin due to the overall market’s condition. One can further see an increase in selling volume in the next few trading sessions.

MACD indicator (Bullish), no bearish crossover signal line is spotted on January 23, 2021, during the trading session, it indicates a buy signal in the coin. Also, it denotes massive green bars in the Histogram.

Meanwhile, the RSI indicator (Bullish) with a value of 60 indicates a buy signal in the coin. It may soon move towards the neutral territory if selling increases in the coin.

Conclusion 

Chainlink coin price is up by 14.77% on Saturday’s trading session. The price moves inside the rising channel pattern and may soon break down in upcoming trading session. One can further expect a bearish trend in the coin to the support level of 14.80.

Resistance: $24.63

Support: $14.80

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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