ChainLink Price Analysis – Link Starts To Fall After 80% Price Surge During April – Will The Bulls Defend $3.00?

16 Apr, 2020

By Yaz Sheikh

Contributor

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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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Chainlink Price Forecast: How LINK’s 7% Surge Could Spark $50-Bound Rally

LINK Price Analysis

LINK/USD – Daily CHART – SHORT TERM

Market Overview

Taking a look at the daily chart above we can clearly see the 80% rise that started to take form as April started to trade. The cryptocurrency went on a rampage as the price for the coin increased from a low of around $2.20 to reach as high as $3.66.

The resistance here was provided by a bearish .618 Fib Retracement level that was measured from the March high to the March low.

It has since rolled over but is still finding strong support at $3.15 which is provided by a .236 Fib Retracement level.

Short term prediction: BULLISH

LINK still remains bullish so long as it can stay above the $3.15 level. A drop beneath $3.15 would turn it neutral with a further drop beneath $3.00 turning it bearish.

If the sellers do break $3.14 and $3.00, added support lies at $2.85 (.382 Fib Retracement), $2.80, $2.60 (.5 Fib Retracement), $2.35 (.618 Fib Retracement), and $2.20.

On the other hand, the first level for the bulls to break lies at $3.40. Above this, resistance is located at $3.66 (bearish .618 Fib Retracement), $3.80, $4.00, $4.13 (1.272 Fib Extension), and $4.38 (1.414 Fib Extension level).

Key Levels

Support:$3.15, $3.00, $2.85, $2.80, $2.60, $2.50, $2.35, $2.20, $2.00, $1.80.
Resistance: $3.40, $3.60, $3.66, $3.80, $4.00, $4.13, $4.38.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.