The price of Chainlink fell to $7, after it had shown so much strength when the price rose to $52, putting an end to an all-time high. Despite all the uncertainty about the future, Chainlink (LINK), which remains at the forefront of the news, has shown some strength despite the uncertain direction. (Data source: Binance).
Analyse of Chainlink’s Token Prices on The Weekly Chart
LINK experienced a drop in price, from its $52 all-time peak to about $6. This is despite it having strong fundamentals. Since its weekly low, LINK has not seen a significant rebound in price.
After touching a low price of $6 per week, LINK’s price rebounded and reached $10. Then, it suffered a price drop to $15 as it was rejected. Since then, the price has fluctuated in this area.
LINK’s price maintained a downtrend structure with a downtrend line acting as resistance for the price of LINK, but this resistance has been broken with what seems to be a glimpse of hope, possibly to the upside of the price.
The price of LINK is continuing to resist higher. It currently stands at $8. A break-and-close for LINK prices in the area of $8-$9 acts as resistance. We could see the price rise to $10-$12.
If LINK is unable to overcome these resistances we might see the price retesting $6 as a support zone, which would be a market for LINK’s prices.
Weekly resistance for the price of LINK – $8-$9.
Weekly support for the price of LINK – $6.
Price analysis of LINK on the Four-hourly (4H), Chart
The price of LINK continued to rise over the William Alligator indicator, indicating a potential trend reversal.
The price of LINK was able to break to the upside, despite the fact that the market volume continued to support the indicator. In the 4-H period, the Alligator Indicator’s three moving averages support the price for LINK.
The support price for LINK is $7.5. It acts as a price support. This prevents it from retesting the lower support at the 4H chart. The price at $7 could be retested if LINK’s price fails to maintain this support.
Relative Strength Index (RSI), for LINK, is over 50 on the daily graph. It indicates that there has been moderate order volume.
Daily resistance for the LINK price – $9-$10.
Daily support for the LINK price – $7.5-$7.
The current market conditions will see LINK’s price remain strong due to the emergence of partnerships with developers and the continued building of LINK.
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