$4.40
2.87%
$1
-0.48%
$13.81
1.39%
ChainLink Price Analysis - LINK Surge Continues To Reach $4.25 High - Are We About To Rollover Here?
LINK
2.87%
CHAI
-0.48%
LN
1.39%
8d agocoincodex
bullish:
0
bearish:
0

Key Highlights:

  • Chainlink witnessed a 39% price hike over the past 7 days of trading to reach $4.00.
  • The cryptocurrency has now increased by a total of 79% over the past 30 days of trading.
  • Chainlink is now ranked in the 16th position according to the market cap rankings.
ChainLink price: $3.80
Key LINK resistance levels: $4.00, $4.25, $4.48, $4.57, $4.63
Key LINK support levels: $3.75, $3.63, $3.50, $3.25, $3.05

*Price at the time of writing

Chainlink surged by a total of 40% this week as the cryptocurrency continues its bullish run to reach the $4.00 level.

This price increase comes after the Swipe platform partnered with Chainlink to offer users access to Chainlink’s decentralized oracles for price feeds. Swipe is a wallet application and card platform to allow users to buy and sell (as well as pay) with over 20 cryptocurrencies. 

The partnership begins by focusing on the Chainlink ETH-USD Price Reference Contract to allow Swipe users access to off-chain data of the Ethereum price that is provided by the decentralized oracles.

As the data is decentralized, Swipe users are able to get more secure, reliable, and accurate pricing when buying, selling, and spending SXP (Swipe’s native stablecoin token). Furthermore, by using the ETH-USD price feed as a cross-referenced against SPX, users will be able to spend SXP directly on Ethereum dApps.

Swipe’s CEO had the following to say about the partnership;

“By collaborating with Chainlink, Swipe will effectively address the security problems for off-chain connections that currently exist for users of the Swipe Network Wallet-Contacts.”

Chainlink has now climbed into the 16th ranked position as it presently holds a total market value of around $1.40 billion.

Buy/Sell ChainLink (LINK)

How to buy ChainLink on Binance (LINK)

 ChainLink Coin Price Analysis

LINK Daily Chart

What has been going on?

Taking a look at the daily chart above, we can see that LINK has surged by an astonishing 135% since the start of 2020. The cryptocurrency started the year by rebounding at the $1.65 level as it started to grind its way higher.

In February, the market truly took off as it continued to explode from $2.65 to reach a high of $4.25 before rolling over and dropping to the current $3.95 trading price.

The latest price increase has now caused LINK to create a fresh 7-month high as it reaches a price that has not been seen since August 2019.

After a 135% price increase in 1 and a half months, it is no surprise that LINK is rolling over. We can expect a small retracement before the cryptocurrency continues to drive further higher again. This will allow a little breathing space for the buyers to breath and regroup before pushing higher.

LINK price short term prediction: Bullish

After creating a fresh 7-month high, LINK certainly remains strongly bullish. The cryptocurrency would need to drop beneath the support at $3.00 for the market to turn neutral. A further drop beneath the $2.64 support level could possibly turn LINK bearish.

If the sellers do start to push LINK lower, the first level of support is found at $3.75. Beneath this, we can expect additional support at $3.63 (.236 Fib Retracement), $3.40, $3.25 (.382 Fib Retracement), and $3.05.

If the bearish pressure continues to drive LINK beneath $3.00, further support can be located at $2.85 (.5 Fib Retracement), $2.64 (.618 Fib Retracement), and $2.20 (200-day EMA).

Where is the resistance toward the upside?

Alternatively, if the bulls can continue to drive higher above $4.00, higher resistance is located at $4.25. Above this, additional resistance lies at $4.48 (short term 1.272 Fib Extension - green), $4.57 (1.618 Fib Extension - purple), and $4.63.

Above this, strong resistance lies at $4.82 which is provided by the 2019 price high. It is also further bolstered by the short term 1.618 Fibonacci Extension level (drawn in green). If the bulls continue above here, added resistance lies at $5.00.

LINK/BTC Chart

What has been going on?

Taking a look at the daily chart for LINK against Bitcoin, we can see a different picture forming. The cryptocurrency bounced from support at the 200-day EMA at around ₿0.000245 as it started its bullish run higher. 

We can see that, over the past few days, LINK managed to climb further higher to break the resistance at ₿0.000367 which is provided by the October and November 2019 high. However, as the cryptocurrency continued to travel higher, it was unable to break the resistance at around ₿0.000395 which is the previous all-time high price.

It did manage to spike above ₿0.00040 but the bears quickly stepped in to make sure the price closed the day beneath the aforementioned all-time high price.

LINK/BTC price short term prediction: Bullish

LINK is still bullish against Bitcoin, however, the reversal at ₿0.000395 might start a small retracement lower. It would need to break above ₿0.00040 to continue the bullish press higher. If LINK was to drop beneath ₿0.0003, the market would end up turning bearish.

If the sellers start to push LINK lower, the first level of strong support is located at ₿0.000367. Beneath this, additional support lies at ₿0.00035 and ₿0.000342 (.382 Fib Retracement). If the selling continues, further support lies at ₿0.000332, ₿0.000323 (.5 Fib Retracement), and ₿0.00030 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other hand, if the bulls manage to break resistance at ₿0.0004, higher resistance is located at ₿0.000413, ₿0.000426, and ₿0.00044. 

If the buyers continue above ₿0.00045, higher levels of resistance lie at ₿0.000457, ₿0.00047, and ₿0.000484.

What are the technical indicators showing?

The RSI has dropped slightly from overbought conditions. This shows that the bullish momentum is showing some slight signs of fading, which is good considering how overextended we previously were. Additionally, the STochastic RSI recently produced a bearish crossover signal which should help to send the market lower for a brief period of time.

Previous LINK price analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of ChainLink:

8d agocoincodex
bullish:
0
bearish:
0