LINK Technical Analysis: Price Likely to Breach the Levels of $40.75

Chainlink is a decentralized oracle-based blockchain network that provides trustworthy and hack-free inputs and outputs for multi-chain smart contracts. It provides a highly scalable and agile infrastructure for the creation of decentralized apps and smart contracts seamlessly. LINK is the prime native token of this ecosystem and the technical analysis is as follows:

Past Trends

On April 26, 2021, LINK opened at $31.66. On May 2, 2021, LINK closed at $39.46. Thus, in the past week, the LINK price has surged by roughly 25%. In the last 24 hours, LINK has traded between $39.24-$40.32.

Day-Ahead and Tomorrow

Currently, LINK is trading at $40.16. The price has increased from the day’s opening price of $39.46. Thus, the market seems to be uptick.

The MACD and signal lines have turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 60%. It faced rejection at 64% and fell to the current level. However, buying pressures are still high. Hence, the RSI indicator is giving further credence to a price increase.

The OBV indicator had fallen steeply but for the past few minutes, it has been steadily rising. Thus, buying volumes are gradually increasing and may surpass the selling volumes in some time. As buying volumes keep increasing, the price will keep rising.

In a nutshell, all the oscillators have given positive signals and hence we can expect the price to go up further.

LINK Technical Analysis

As per technical analysis, presently, the price has broken out of the first Fibonacci pivot resistance level of $40.08. If the bulls remain strong, the price is likely to breach the subsequent resistance levels of $40.34 and $40.75 in some time.

The price has tested and broken out of the 23.6% FIB retracement level of $40.06. Thus, as of now, the price uptrend is strong and is likely to continue today as well as tomorrow.


error: Content is protected