Crypto Technical Analysis

Chainlink(LINK) Technical Analysis: Will LINK Price Surge 10% to Hit $15?

Chainlink(LINK)Technical Analysis

Key Takeaways

  • Chainlink price closed the previous day trade at $13,64 with a market capitalization of $6.65 billion and a circulation supply of 467,009,549.52 LINK
  • The LINK price after a steep recovery faced yet another downfall in the wake of testing the immediate resistance close to $15
  • The asset is displaying a notable bullish momentum that may prevent further loss, yet the gains remain pretty much skeptical

Chainlink(LINK)/USDT Technical Analysis at a Glance

Short-Term The Price after shedding notable gains is attempting to flip the bearish divergence, yet the depleted buying volume may not assist a rebound if ignited
Mid-Term LINK price has maintained a notable uptrend for the past couple of days and hence could experience a minor pullback or correction
Long-Term The asset is swinging within a range-bound from more than a month, indicating the rally to trade within a consolidated range which may continue for a notably longer time

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 40.21 / 39 Sell / Sell
MACD(12,26) -0.22 / -1.29 Sell / Sell
Average Directional Index(ADX) 36.4 / 32.1 Sell / Neutral
Bull-Bear Power -0.23 / -1.8 Sell / Sell

The Chainlink price which is slightly bullish in the short term is on the verge to reverse its trend completely and turn bearish in the long term. The RSI is showcasing a huge bearish signal in both time frames, and hence the strength of the rally is getting weaker and weaker as ADX is extremely bearish. On the other hand, the MACD is constantly being bearish as selling volume is constantly getting accumulated in both time frames. Lastly, the bears appear fully in control presently and may keep up their dominance for quite a long time as bull-bear power is also pretty bearish. 

Additional Read: How to invest in Chainlink?

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 $14.33 $17.9
Moving Average(MA)-200 $14.03 $24.16
Resistance $14.56 $20.47
Support $13.07 $10.14

The LINK price has just bounced off the lower support in the short term and is utilizing all its resources to hit the immediate 200-day MA levels. However, a strong uptrend may be certified when the asset attains strong resistance levels, surpassing the 50-day MA levels in STF. While the long-term targets are pretty far, a greater push and sustainability above $15 is much required to reach these levels. On the other hand, with just a wrong move, the LINK price may hit the lower support at $10.14. Here, if it fails to hold strong, then it may slide down drastically below $10 within no time. 

Additional Read: Top Crypto News for Today, 28 February 2022.

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 22.15 48.5
Ultimate Oscillator 50.2 52.6
Average True Range(ATR) 0.29 1.29
CCI -60.5 -76.89

The Stochastic Oscillator which records an average price of the asset over a fixed period is interestingly bullish in STF. As the current price is below the average price and pretty much distinct from the long-term levels. Therefore, in the long term also, the indicator is neutral now but may flip into bullish soon. On the other hand, the volatility indicator, ATR, indicates less volatility in both time frames. 

Yet the Ultimate Oscillator which considers 3 different MA levels, 7, 14 & 28 to determine the next move of the asset is extremely bullish. The indicator is pointing towards a notable ‘buy’ signal indicating a possible flip very soon. The CCI that records the trend reversal or the beginning of a new trend is also pretty bullish in the short-term but bearish in long term. Hence a notable flip may be fast approaching but a huge pullback may be awaiting ahead. 

Additional Read: Chainlink (LINK) Price Prediction, 7 January 2022.

LINK /USDT Technical-Analysis for Short-Term

Source: Tradingview

  • The LINK price ever since attempted to hit $20 levels in the first few days of February is maintaining a decent downtrend 
  • It visited the lower support of the channels multiple times and the recent test had broken down the channel to a large extent
  • However, a quick flip was ignited quickly, which resembled the previous breakdown as a fake one
  • The LINK price after getting rejected at the upper resistance managed to consolidate above the middle bands displaying the possibility of a retest in a short while from now
  • Therefore, after accumulating some gains, the asset appears to be primed to slice through the upper resistance of the channel and continue to trend towards the north

LINK/USDT Technical-Analysis for Long-Term

Source: Tradingview

  • After a huge sell-off, the volume has notably dried up and luckily the buyers have dominated to some extent
  • Despite the buying volume being accumulated, the asset is feared to lose a huge amount in its value as the descending pattern is about to break
  • The Chainlink price since the beginning of 2022 is trending within a descending triangle and is an inch away from the apex.
  • If the price breaks down at this stage then the possibility of revisiting lower support at $10 intensifies, else a breakout may lead the price above $15.

Chainlink (LINK)/USDT Technical-Analysis for Today: 24 February 2022

The entire crypto space including the Chainlink(LINK) price has recovered notably from the recent loss. While continuing a slow uptrend which resembled more or less a consolidation was yet again challenged by the bears. The asset witnessed a 10% plunge since the early trading hours, but the current consolidation displays the possibilities of a huge trend reversal very soon. And hence after accumulating some decent gains and strength, the LINK price may ignite a firm flip soon.

The Chainlink(LINK) price at the press time is around $13.67 with a drop of nearly 4.87% compared to the previous day’s close. The trading volume has raised massively by nearly 26.64%, yet to hit the $1 billion mark. And on the other hand, the market capitalization has plunged drastically by nearly 5%

Where & How to Buy Chainlink (LINK coin)

Buying or Selling Chainlink or any of your favorite crypto is pretty easy and secure on CoinDCX. And for this reason, we are India’s most preferred cryptocurrency exchange with a huge user base of more than 1 Crore(10 million). Apart from offering a wide range of crypto assets, we also offer lucrative in-App benefits at a very affordable price. 

To register here, all you need to do is follow 3 simple steps

  • Download the CoinDCX App on your smartphone
  • Enter the required details like your Name, Mobile Number, Mail-Id, Bank details, etc
  • Once the platform verifies your details just fund your wallet and buy your desired crypto

Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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