Chainlink is among the Week’s best-performing Altcoins. The token’s price bottomed on Monday, May 15 at $3.64, and reached $4.24 on Thursday. During the recent crypto-market price reversal, dip-buyers utilized the pullbacks as upside prevails on LINK for the 3rd day in a row. LINK/USD exchanges at $4.18 at the time of posting, rising over 3.0 percent daily. LINK is the 13th largest digital asset with an estimated daily trading volume of $315 million and its total market cap of $1.46 billion. Chainlink is among 100 startups recognized as the 2020 ‘technology pioneers’ by the World Economic Forum (WEF). The WEF has recognized Chainlink as a leading provider and innovator of emerging technologies. Premised on this recognition, Chainlink will be able to introduce its technology to influential globe-wide conferences and promote transformations in various sectors.
*During the recent crypto-market price reversal, dip-buyers utilized the pullbacks as upside prevails on LINK for the 3rd day in a row.
*LINK/USD exchanges at $4.18 at the time of posting, rising over 3.0 percent daily
*Chainlink is among 100 startups recognized as the 2020 ‘technology pioneers’ by the World Economic Forum ( WEF)
Resistance Levels: $5.5, $5.00, $4.50
Support Levels: $4.00, $3.66, $3.00
LINK/USD Daily Chart: Bullish
LINK/USD Daily Chart
The price has bounced off the rising MA 50 on the daily chart and now price is trading at $4.18. Once the progress invades higher, the rebound may stretch to the horizontal resistance zone of $4.50. The prior rebound high provides this resistance and divides the token from a larger upward shift toward psychological $5.00. The latest news acted as a LINK bull catalyst and set the rally in motion.
The initial support lies downside right at $4.00. It is supported by daily MA 50 and the ascending trendline. A successful push beneath this region may pave the way to the $3.00 psychological level in which new buying activity is likely to emerge. Growth of LINK is accompanied by high volumes, adding credibility to the upside trend.
LINK/USD 4-Hour Chart: Ranging
LINK/USD 4-Hour Chart
On 15 June Chainlink (LINK) broke down the ascending trendline support. This bearish breakout target is the $3.66 horizontal support line, where it rebounded beyond $4.00 level. The four-hour chart shows the bulls are heading back to the higher levels to hold on. Although a crossover has been resolved by the moving averages, the RSI has however staged a rebound into the positive region, which implies that the upside has regained traction.
This may signal a potential continuation of the uptrend if the rebound grows towards the $4.5. A rally to $4.5, and then $5.0, will be the initial aim. If the bears plunge the LINK/USD pair beneath the ascending trendline, this bullish position is nullified. A breach of the $4.0 key support would be a negative sign signaling a potential trend shift from bullish to range-bound.
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