Chainlink Price Analysis:Link Price Taking Off For the Fourth Time

Chainlink Price Level Built Positive Momentum Within Bullish Regime
  • Chainlink price are gyrating in an upward channel, which inflated the coin by 1.2 times
  • Chainlink price have taken support for the fourth time and are now sustaining at the all-time high of $25
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Chainlink price has surged 5% in today’s session, in an attempt to break the previous and day-time high of $25. The coin lacks the necessary volumes to break through the resistance. The market cap and 24-hour volume are $10,127,623,793 and $475,497,533 respectively. 

Will Chainlink Break The Last High? Volumes Might Not Agree 

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Chainlink price has reached its last high in a day, by taking support from 10EMA and surging 5%. However, the coin is lacking the required buying pressure. The volume analysis suggests that the volumes have declined in today’s session, whereas a significant rise in selling volume causes the coin to consolidate. 

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The coin is currently above VWAP($24.5), 10EMA($23.1), 20EMA($21.83) and 50EMA($18.61), buttressing the prices effectively. 

The Bollinger bands are sideways at present, which points out to a possibility of consolidation or even reversals. The upper band prohibits the prices from surging beyond $25.00, whereas the lower band and 10EMA(base) push the coin at $21.1 and $23.1, respectively.

The RSI(14) is at 62, with support at 55 levels and resistance 79, increasing the probability of breakout since the coin is not overbought. 

The MACD(8,21,5), despite giving a sell signal, MACD is preparing to surge further, owing to the buying pressure put in today. A buying signal might persuade the bulls to persist their trades. 

Conclusion

Chainlink price is testing the all-time highs at $25. The levels are receiving resistance from pivot level, horizontal levels and the upper band; while the support-inducing indicators and zones are entirely below the current levels. The coin is still sustaining the level and refusing to hint further course. 

Support: $24.3(VWAP) and $23.08(10EMA and diagonal support)

Resistance: $24.5(R1 – Daily Pivot Level) and $28.88( R2- Daily Pivot Level)  

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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