Chainlink has tried to break out of previous highs but has encountered resistance and rejection. LINK has been in an accumulation phase for a month after reaching ATH levels. LINK had set an ATH record of $ 37 on February 20, 2021, and a period of consolidation followed due to selling pressure. It crashed to $ 25 and sought assistance.
A trader analyst on Twitter predicted that Link’s price could soon surpass the previous ATH.
Retailers expect a huge increase in LINK prices as there are various partnerships between Chainlink and other companies. Chainlink’s official handle announced that prices will now be available on Oracle.
It is common for cryptocurrencies to react sharply to the positive news in the market. But it remains to be seen which direction the next quarter will take.
Technical analysis by LINK
At the current price of $ 31.19, Chain link has a market capitalization of $ 13.01 billion. The value of the total volume of transactions in the past 24 hours exceeded $ 1.07 billion.
One internet user expected the link price to outperform BTC as a bullish breakout pattern was discovered.
If you look at the 30 minute candle chart, it’s obvious that the link is trying to form a double bottom pattern. Shortly after Chainlink’s announcement, link price broke out of the trend and topped the $ 30 mark. Resistance should be broken along with the higher highs to see bullish momentum. But the candles have not been able to form above the USD 31.5 resistance levels.
There is a good level of support at $ 30 and $ 29.5. There is a possibility of good consolidation at the same level. In case the support levels are broken at $ 29.5, there are additional support levels at $ 28.5 and $ 28.
Trends aside, the Bollinger Band indicates the potential for strong momentum in line with price action. The same is indicated by the Relative Strength Index, which lies between 60 levels. The currency is falling at a stage where price action can trigger the bull run or bearish decline.
Fibonacci levels indicate that Link’s value is trading at a strong 0.76 levels. Hence, it can be assumed that if the market is to break through its ATH levels, it will have to consolidate around the current price level of $ 31.
There is also the possibility of a breakdown due to volume losses, but this fall can be supported at $ 28.
Support levels: $ 30 and $ 29.5.
Resistance Levels: $ 31, $ 32.5, and $ 33
MACD: Moderate to bullish