In crypto markets, LINK shines brightly even as people sought to own the digital asset as its utility is constantly increasing across the cryptocurrency space, offering promising prospects. For the umpteenth time, LINK/USD bulls retained control over the price. Chainlink is ranked no.13 following a $1.66B market cap with a volume of $396.42M in 24 hours. On March 4th, 2020, Chainlink registered its all-time high at $4.97, but it appears poised to re-test this level as LINK/USD’s recent high is at $4.95. At the time of this post, LINK is changing hands at $4.75 after yet another rebound from $4.5. Recently Chainlink has integrated with China’s national Blockchain Services Network (BSN) to enable it to process data off-chain. The introduction of Chainlink to the network is intended to proffer additional protection for data transactions, while also improving the reliability and effectiveness of the blockchain.
*For the umpteenth time, LINK/USD bulls retained control over the price
*At the time of this post LINK is changing hands at $4.75 after yet another rebound from $4.5
*Recently Chainlink has integrated with China’s national Blockchain Services Network (BSN) to enable it process data off-chain
Resistance Levels: $6.0, $5.5, $5.00
Support Levels: $4.5, $4.00, $3.66
LINK/USD Daily Chart: Bullish
LINK/USD Daily Chart
Chainlink is trading up at its present $4.75 price at the time of posting. This represents a remarkable rally from the recent $3.66 lows set a few weeks ago. While at its present price level, it confronts some resistance, probably, the cryptocurrency may soon breach the $5.00 resistance and start a further vertical trajectory.
If Chainlink tries to push past this barrier of resistance and switch it into support it may well trigger a process of market liquidity, which is typically marked by intense volatility levels. The next key levels to observe in such scenarios are the key levels of probable resistance that lay at $5.5 and $6.0, respectively.
LINK/USD 4-Hour Chart: Bullish
LINK/USD 4-Hour Chart
LINK appears to be in a strong bullish position and may be positioning for a further attempt at its recent $4.95 high. The 4-hour chart is firmly in the bulls’ direction, and LINK tends to hold well beyond the 4 hour MA 50 and MA 200. LINK has persisted with its short-term upswing after a slight delay of around $4 and is almost prepared to breach $5 next. Bulls confront the $4.97, the 2020-high, and the $5 as resistance only.
Following the last two inconsistent declines under the ascending trendline, the 4-hour chart is still in an uptrend. Once LINK attempts to rally further, bulls may need to use $4.4 and $4.2 respectively for support at the moving averages 50 and 200. The most significant level to retain is to preserve the uptrend going at $4.5.
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