Chainlink Price Analysis: LINK Is Only a Bump Away from Jumping Above $3.0

Chainlink
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Chainlink Price Analysis: LINK Is Only a Bump Away from Jumping Above $3.0

  • LINK battles ascending channel resistance amid widespread bear pressure.
  • High consolidation is expected as long as the price stays above the moving averages.

Chainlink is a bull among a sloth of bears. Mid-through this week’s trading, the crypto continues to sustain gains. In fact, for more than three days, LINK has been recording a higher low pattern.

The remarkable performance comes after a couple of weeks of having to painfully endure battering by the bears. The price gravitated from the short-lived recovery mid-August. The double-cross of the 50 Simple Moving Average one-hour chart below the 100 SMA 1-hour chart resonated with the bear momentum action. Link lost balance and trimmed gains to the extent of exploring levels close to $2.0. However, a low formed at $2.13 (Fibonacci swing low) which later functioned as a stepping stone for the impressively ongoing recovery.

LINK/USD 1-hour chart

Chainlink chart
Link/USD Chart by Tradingview

 The staggering recovery blew away the bear pressure allowing gains in an elongated engulfing candlestick. A struggle occurred at the 50% Fib retracement level taken between the last swing high of $2.59 to a swing low of $2.1357. This necessitated a correction below the moving averages. LINK stumbled into unexpected support at $2.2 giving the price a push within an ascending channel.

Meanwhile, a weekly high formed at $2.59. LINK’s upside is limited by the channel resistance. On the brighter side, the price is trading above both the 50 SMA and the 100 SMA. In addition to that, the 61.8% Fib retracement level is glowing as the next support target. Moreover, as long as the 50 SMA stays above the 100 SMA, we are likely to see a rebound out of the channel resistance. Chainlink only needs to overcome the resistance of the channel for a compelling boost past $3.0.

LINK Key Technical Levels:

Trend: Bullish (short-term and long-term).

MACD: Hints continued bullish influence with the gradually increasing positive divergence.

Support Areas: $61.8% Fib level slightly above $2.4, $2.30 and $2.13 (previous support).

Resistance: $2.5, channel resistance and $3.0.

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Chainlink Price Analysis: LINK Is Only a Bump Away from Jumping Above $3.0
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Chainlink Price Analysis: LINK Is Only a Bump Away from Jumping Above $3.0
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LINK battles ascending channel resistance amid widespread bear pressure. High consolidation is expected as long as the price stays above the moving averages.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 206 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @