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- Chainlink price is undergoing bullish rejection at the long-term resistance at $9.5.
- At that point, the LINK price is remaining just below the upper band of the Bollinger Bands indicator.
- The LINK price belonging to the bitcoin pair is up slightly by 1.43% at 0.0004479 satoshis.
Over the last two weeks, the Chainlink price has outperformed as the price action has continued to construct a bullish trend for the near term perspective. Chainlink has been trading around $6 since the beginning of May, when it hit a low of $5.53. LINK price was repeatedly rejected by the $6 resistance region throughout this time period.
Although the long term look of the LINK price suggests a range bound market over the previous two months. The price of LINK ranged between $5.7 and $9.5. In reality, it is facing a positive price reversal at the long-term resistance level of $9.5. To re-enter the critical resistance zone, the bulls must boost the asset by 24% from present levels.
Against the USDT pair, LINK price is trading at $7.62 mark at the time of writing. Today, bulls are facing selling pressure, thus the price is down 1%. Meanwhile crypto price is up 10.3% so far this week. In addition, the LINK price belonging to the Bitcoin pair is slightly up 1.43% at 0.0004479 satoshis.
On a daily time frame, the middle-band of the Bollinger band indicator acted like a support, resulting in, LINK price approaching the indicator’s upper band and little price correction is likely ahead. However, trading volume looks neutral at $359.9 Million as per last 24 hours data.
The RSI indicator over the past 24-hours is currently at 58, which supports the positivity in the LINK price. Besides, the MACD is moving up in the positive zone.
conclusion
Chainlink price is trading in the upper band of the Bollinger Bands indicator this week. The bulls are expecting the continuation of the bullish trend in LINK price. Still, he needs to generate more leverage to avoid a range-bound market.
Technical Levels
Support level – $9.5 and $15
Resistance level – $7.0 and $6.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
