Crypto Technical Analysis

Chainlink(LINK)/USDT Technical Analysis: 10 January 2022

LINK Technical analysis

Chainlink had a glorious rally throughout the year 2021 which recorded lows very close to $10 and also the ATH beyond $54. Despite multiple ups and downs the LINK price initiated with a strong uptrend since the beginning of 2022. While the bears left no stones unturned to keep the trend low-key, the popular DeFi token managed to slice through the key levels quickly.

The LINK price is expected to continue with the uptrend, but whether the price may reach the $55 target in Q1 2022? Dive deep to know!

Chainlink(LINK)/USDT Technical Analysis at a Glance

The DeFi token in recent times is surging high to clear the $30 levels quickly which may further determine a strong uptrend. The buying volume spiked high which nullified the minor corrections. Yet since the past weekend, the LINK price appears self-assured of the upcoming rally, aiming to hit the crucial resistance at $35 at the earliest. 

Short Term The price is swinging considerably high and may continue to swing within the same levels for the next couple of hours. However, a minor pullback may be expected for a short time frame
Mid-Term A similar trend is witnessed in the mid-term, yet the volume remains relatively low and hence a consolidation or a small correction is more likely
Long Term The LINK price is extremely bullish with no notable selling pressure from the past month. Therefore the asset could slowly yet steadily rise towards the upper target

Chainlink Technical Indicators & Pivot Levels

Technical Indicators

Indicators Value (1Hr / 1D) Action (1Hr / 1D)
StochasticRSI(StochRSI) (14) 88.08 / 100 Overbought / Overbought
Average True Range(ATR)(14) 0.54 / 2.4 Less Volatility / High Volatility
Williams Range Percentage(14) -8.8 / -3.754 Overbought  / Overbought
Ultimate Oscillator 58.3 / 60.1 Buy / Buy
Bull-Bear Power 0.9 / 6.87 Buy / Buy 

Pivot Levels

Pivot Levels  Short-Term  Long-Term
Moving Average(MA) – 50 $26.6 $22.3
Moving Average(MA) – 200 $24.5 $25.1
Resistance $30.1 $35.9
Support $25.3 $22.6

Summary:

Chainlink appears to be in a pretty good position both in the short-term & long-term letting out a ‘Strong-Buy’ signal. While the StochRSI which stands at Overbought in both short term and long term points out that the price is at the extreme ends and hence traders should wait for a while before making any decision. Besides, the Average True Range(ATR) which is a volatility indicator is less in the short term meaning the traders might have halted for a while. 

Williams range is overbought in both cases, however, it does not signify an immediate trend reversal, but the trend movement. The ultimate oscillator which combines the 7-day, 14-day & 28-day price action to nullify a false divergence is also extremely bullish. Additionally, the Bull-Bear power is also bullish indicating the strength of the Bulls. 

Coming to the pivot levels, the current price finds its strong support at the 50-day & 200- day MA in both the short-term & long term implying a strong bullish trend. While the resistance in the short-term is very near and hence the probability of surpassing the resistance levels in the next couple of hours is pretty high. While the support levels appear to be pretty strong, the asset may hold these levels in case of a trend reversal.

Chainlink(LINK)/USDT Technical Analysis for the Week

Chainlink had a pretty good start for the year 2022 with the price coiling up with significant numbers. The asset maintained a notable uptrend and despite a couple of corrections, yet remained uplifted. Currently swinging with a rising channel, the asset appears to be primed to hit the HTF resistance at $35.9 before the end of January 2022. However, currently, the bears are attempting to hinder the LINK price rally, yet the asset could rebound after undergoing a small correction.

Source: Tradingview Date: 10-01-2022 Time: 4pm

  • The LINK price is trending within a huge rising channel and remains pretty much distinct from both the upper and lower levels of the channel
  • While trading within the ascending channel did include a couple of corrections yet the LINK price maintains above the uptrend line 
  • Currently, the price is maintained within the middle bands of the channel and accumulating strength. Yet after the current pullback in short-term, the price is expected to undergo a notable uptrend
  • Initially, the price is primed to hit the upper resistance levels beyond $30 and later set the target above $35 to establish a notable uptrend.

Chainlink(LINK)/USDT Technical Analysis for Today: 10 January 2021

The LINK price since the beginning of the past weekend is attempting to rise to slice through the upper levels. But woefully is testing the lower levels of the channel again and again. Currently, the price in the short-term is yet again going inversely parabolic and may hit the lower levels just below $25. However, it may again rebound from these levels as it did a previous couple of times and range high attempting to pierce through the upper resistance. 

The LINK price at the press time is around $27, initiating with a recovery surging just by 4.45% after ranging nearly 20% in the past seven days. The trading volume is also slowly increasing but remains down by 7% compared to the previous trading day. Yet the market cap remains above the previous day average and hence indicating a decent rise in the next couple of days. 

Where & How to buy Chainlink(LINK) 

Chainlink was once upon a time the leader of the DeFi space with strong fundamentals and upgrades. And hence is widely available for trade on all the major platforms across the world including India’s most trusted crypto exchange CoinDCX. We are not only a popular crypto exchange but also India’s first Unicorn!

CoinDCX offers you a wide variety of crypto assets including Bitcoin, Ethereum, Cardano, XRP and many DeFi tokens like Terra, Avalanche, Chainlink, etc. You can easily register by downloading the CoinDCX mobile App on your smartphone. Just enter your details with the banking details, and Done!! You can start trading once you are verified!!

As the universe stepped into the new year 2022, CoinDCX is also upgrading itself with advanced features and eye-catching improvements called CoinDCX Pro. You get access to the world of unlimited charting with indicators, faster order placements, etc with a brand new design. So What are you waiting for? Download now!


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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