ChainLink Price Analysis – LINK Sees Epic 10% Price Surge As Buyers Break THIS Critical Resistance


chainlink

ChainLink Price Analysis – LINK Sees Epic 10% Price Surge As Buyers Break THIS Critical Resistance

  • LINK surged by an epic 9.58% today as the price rises into the $4.120 level. 
  • The cryptocurrency was previously struggling to break $4.00 for the past 2-weeks.

ChainLink saw an enormous 10% price surge today as the cryptocurrency manages to rise above $4.00 and reach the $4.20 level. LINK had been rising all throughout April as it increased from the $2.00 to reach as high as $4.00. However, over the past 2-weeks, the coin struggled to break above $4.00.

The 10% surge today allowed LINK to break above this critical resistance and put it back on the strong bullish footing. LINK is now ranked in the 13th position as it currently holds a $1.45 billion market cap valuation.

LINK Price Analysis

LINK/USD – Daily CHART – SHORT TERM

chainlink chart
LINK/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above we can see how LINK surged from the start of April as it started to climb from the $2.00 level. It went on to break resistance at $2.80 (100-days EMA) and continued higher above $3.00.

However, when it reached $4.00, the cryptocurrency increase started to slow down as the bulls struggled to break this level for a period of around 2 weeks. It managed to rise above $4.00 with the epic 10% surge as it climbed as high as $4.20. It is currently trading at the resistance at the 1.272 Fib Extension.

Short term prediction: BULLISH

LINK is most certainly still bullish and would need to drop back beneath $4.00 to turn neutral. It would have to fall further beneath $3.00 to turn bearish again.

If the sellers push lower, the first level of support lies at $4.00. Beneath this, support is located at $3.67 (.236 Fib Retracement), $3.50, and $3.35 (.382 Fib Retracement). This is followed by strong support at $3.20 (100-days EMA), and $3.09 (.5 Fib Retracement).

On the other hand, the first level of strong resistance is located at $4.24 (bearish .786 Fib Retracement). Above this, resistance lies at $4.28 (1.272 Fib Extension), $4.38 (1.414 Fib Extension), and $4.59 (bearish .886 Fib Retracement).

Key Levels

Support: $4.00, $3.80, $3.67, $3.35, $3.20, $3.09.
Resistance: $4.24, $4.28, $4.38, $4.59, $4.63, and $4.73.

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Yaz Sheikh 182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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