Chain Link Price Analysis: LINK Token Price Looking A Way For The Upside

  • LINK price is currently taking the support of 100 EMA on the daily chart. The price is currently forming a doji pattern hinting at the indecisive nature of investors.
  • LINK price is currently trading at $30.68 with an intraday gain of 2.8%. In contrast the LINK/BTC pair is seeing a consolidated momentum with a gain of 0.5%

What Does The Transaction History Tell About The LINK Token Price?

Source: Into the block

LINK token price is currently at $30.3 with a gain of 2.5% in intraday session. The large transaction history tells whether whales are entering into the token. If we look at the transaction history of the Chainlink  for the last three months we find that there is an incremental decrease in the large transaction of the coin. Since March 2021 the large transactions have approximately halved in value. This had a direct impact on the Chainlink price.  

There is an increase in positive sentiment for the Chainlink across the social media platform. This tells that the large transaction might pick up pace across the network in the near future. It could also have a positive impact on the price and it can break the previous resistance of the past.

Technical Indicators Hints At A Positive Breakout For LINK Token Price

Source: Trading view
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The weekly technical chart of the price hints towards the positive momentum for the price. On the daily chart the price is facing a resistance from the 100 Exponential Moving Average . The price is currently in between 0.68 and 0.786 fib. If the price goes above 0.68 fib then a strong uptrend in the price can be seen. Resistance for the LINK  on going upside can be seen near $42.  On the down side price can see a bounceback from $20. LINK/BTC pair might also observe a strong uptrend in the price in near future

RSI( Bearish): RSI for the LINK token is at 47.78 with a small negative slope. The negative slope in the price hints towards a downside correction. One should wait for the RSI to recover to the overbought zone before making any investment decisions.

Conclusion

LINK token price has recently lost more than 60% of the gains in the downtrend. LINK price can revert back to bull rally after a small correction..An Investor should do their due diligence before investing.

Technical Levels

Major Resistance:$42

Major Support:$20

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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