Chainlink (LINK), a price that has been showing strength against USDT, broke out of its range in recent weeks and rose to an all-time high of $10. As the weekly support is seen, resistance has been faced by LINK’s price. Data from Binance
Chart Weekly Price Analysis for Chainlink (LINK).
LINK prices dropped to $10-$7, with price trading occurring in a range that is consistent with the price of LINK trying to move out of this area.
LINK fell to $6 per week as the price rebounded from this region. Currently, it trades at $7 and price is eyeing a rise of $10.
Despite showing some strength, the price for LINK was rejected by Bitcoin and other cryptocurrencies. This setback affected the prices of altcoins.
The price for LINK ended the week on a high volume basis; if LINK continues to maintain this momentum, we might see LINK’s price retesting at $10.
Weekly resistance for the price of LINK – $8.5.
Weekly support for the price of LINK – $6.
Price Analysis for LINK On the Daily (1D) Chart
After breaking out from the daily channel, the LINK prices were rejected at $10 and returned to their daily range. To trade in the upper range of LINK, the price must break out of the daily channel with high volume. If the price does not break through the range we may see price retesting to increase volume.
Price of LINK closed the daily candles strong, and looks bullish. However, the price should show a bullish trend to continue trading higher.
LINK currently trades for $7.1 under the 200 and 50 Exponential moving averages (EMA). Prices of $7.3 to $10 (corresponding to the 50 and $200 EMA) act as resistance for the LINK prices.
Daily (1D) resistance for the LINK price – $7.3, $10.
Daily (1D) support for the LINK price – $6.2.
LINK Price Analysis on The Four Hourly Chart
The price for LINK continues to be bullish in the 4-H timeframe, trading just above the 200 EMA and 50 EMA as support levels.
To have a chance of trending higher, LINK must maintain a price above the support zone. Good buy orders could help the price break through the 23.6% region that corresponds to Fibonacci retracement.
If LINK’s price breaks beyond this range, it would reach a maximum of $7.5-10 with enough volume.
Relative Strength Index, (RSI), for FIL, is shown on the 4H Chart. It indicates buy volume for FIL.
Four-Hourly (1H) resistance for the LINK price – $8-$10.
Four-Hourly (1H) support for the LINK price – $6.2.
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