ChainLink price is in a bullish trend after having broken out from a clear resistance level on October 6. Will the upward trend continue above $3.00?
ChainLink Price Medium-term Analysis
The price of ChainLink (LINK) is bullish in the medium-term outlook. The market opened at $2.10 level and the bulls pushed the price to a high as $2.83 level, where it currently trades.
On June 29, ChainLink price was in an uptrend move as the bulls broke above the $4.00 resistance level severally before resuming the downtrend. The downward trend resulted in the market consolidating between the $2.00 support level and the $2.50 resistance level. However, the bears intensified their pressure and the price broke the support level and declined to a low at $1.50. The $1.50 support level could not be breached, setting the stage for a recovery.
On the upside, if the more buyers emerge, the coin will face resistance at the $3.00 price level. A break above this resistance level will propel the price to retest the $4 price levels. On the downside, if the bulls fail to break the resistance levels, the market may commence a range-bound movement.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
LINKUSD Price Short-term Analysis
On the 1-hour chart, LINKUSD is bullish on the short-term outlook. Back in June, the bulls tested the $4.00 resistance level but were resisted. As a result, the price of LINKUSD went on a downward correction. The price was corrected at the low of the $2.08 price level.
The bulls recovered towards the $2.80 price level where they were again resisted and the coin fell to a range-bound move below and above 12-day and 26-day Exponential Moving Averages (EMAs). In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $2.9000, $3.0000, $3.2000
- Support levels: $2.8000, $2.4000, $2.2000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.