Chainlink Price Analysis: Are LINK Bulls Intending To Create New Highs?

Chainlink Technical Analysis
  • Chainlink performed a positive momentum on Thursday’s trading session
  • Chainlink price is $24.82, which is up by 3.63% in the last 24-hour time-frame and 7.48% up from the previous week
  • LINK/BTC pair is negative with a loss of 2.01% in Thursday’s trading session (0.00065396)
Source: Coinmarketcap

Chainlink had positive momentum on the weekly chart, and it went up to $25.97 on February 04, 2021, while breaking above the resistance zones created in the past. LINK price set a mark of an all-time high 7-hours ago. Meanwhile, the trading volume of $3,403,660,994 in the last 24-hour time-frame represents an increase in the value of 33.19%. The LINK/ETH pair is in a downtrend with a value of (0.014818) which is down by 1.52% in Thursday’s trading session.

Chainlink Technical Chart Indicates a Neutral Momentum

Source: TradingView

The technical chart of Chainlink highlights a positive trend. In contrast, Chainlink price is at $24.82. According to pivot points, the critical support level for LINK is placed at $20.80. Whereas if it moves up, the key resistance levels to watch are $25.05 and $26.33. While diving into the weekly chart of 15-minute time-frame, it completes an evening star candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

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Volume indicator with the value (162.726K) reflects a moderate selling volume in coin. Investors can further expect an increase in buying volume in the upcoming trading sessions.

SMA-200, price is at $22.68, which acts as another strong support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

MACD indicator (Neutral), no bullish or bearish crossover signal line spotted on February 04, 2021, indicated a neutral signal in the coin during the trading session. Also, it denotes the ending of green bars on Histogram.

Meanwhile, the RSI indicator (Bullish) with a value of 57.36 indicates a buy signal in the coin. One can observe a decrease in value in upcoming trading sessions.

Conclusion 

Chainlink coin price is up by 3.63% on Thursday’s trading session. The price is above the SMA of $22.68. Investors can expect the price testing the resistance level of $25.05. All technical indicators suggest a neutral signal in the coin.

Resistance: $25.05, $26.33

Support: $20.80

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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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