In past weeks, the Chainlink (LINK) price showed so much strength against tether (USDT) as the price of Chainlink broke out of a range as price rallied to a high of $10. The price of LINK has recently faced resistance to trend higher as the price eyes weekly support. (Data from Binance)
Chainlink (LINK) Price Analysis On The Weekly Chart
LINK prices have dropped from around $10 to $7, finding price trading in a range as the price of LINK tries to break out of this region.
LINK saw a weekly low of $6 as price bounced from this region, currently trading at $7 as price eyes a break out to $10.
Despite showing a glimpse of strength, the price of LINK found its price rejected as Bitcoin, and other cryptocurrencies suffered a setback affecting the price of other altcoins.
The price of LINK closed the week with good volume; if LINK maintains this momentum and volume, we could see the price of LINK retesting $10.
Weekly resistance for the price of LINK – $8.5.
Weekly support for the price of LINK – $6.
Price Analysis Of LINK On The Daily (1D) Chart
After successfully breaking out of the daily channel recently, the LINK price was rejected from $10 to its daily range. The price of LINK needs to break out with good volume to trade above the range; if the price of LINK fails to break above the range, we could see price retesting daily support area to build more volume for buyers.
The price of LINK has shown good strength as it closed the daily candle, looking bullish ahead of the day; the price needs to show a more bullish trend to trade higher.
LINK is trading at a current value of $7.1 below the 50 and 200 Exponential Moving Averages (EMA). The prices at $7.3 and $10, which correspond to the 50 and 200 EMA, act as resistance to the LINK price.
Daily (1D) resistance for the LINK price – $7.3, $10.
Daily (1D) support for the LINK price – $6.2.
LINK Price Analysis On The One Four-Hourly (4H) Chart
The price of LINK in the 4H timeframe continues to look bullish, trading slightly above the 50 and 200 EMA, acting as support levels.
LINK price must remain above this support area to have a good chance of trending higher; with good buy orders, the price could break out of the 23.6% area corresponding to the Fibonacci retracement value.
If the price of LINK breaks above this range, the price would go to a high of $7.5-$10 with sufficient volume.
On the 4H chart, the Relative Strength Index (RSI) for LINK is above 65, indicating buy order volume for the LINK price.
Four-Hourly (1H) resistance for the LINK price – $8-$10.
Four-Hourly (1H) support for the LINK price – $6.2.
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