LINK Price Analysis: Hidden Bullish Divergence Patterns Suggest Continuation of Move Upwards
The FinTech platform YouHodler integrates with Chainlink price feed to improve auditing and reliability of the data used to trigger key backend processes such as loan issuing, liquidation of under-collateralized loans in a secure way without compromising data quality.
The FinTech platform offers alternative and high-yield crypto savings accounts crypto-backed lending with fiat secured crypto to fiat, and crypto to crypto conversions, with support for most of the top 30 cryptocurrencies which include BTC, ETH, UNI, SUSHI, LTC, and XLM, etc.
Another exciting Chainlink integration is with the Crypto Volatility Index [CVI], a decentralized transaction automation service for smart contracts.
By avoiding manual input or centralized processes, Chainlink keepers will automatically trigger supply rebase of the volatility token, helping the tokens maintain their peg.
The market fear index for the crypto market tracks the 30-day implied volatility of Bitcoin and Ethereum.
Let’s advance to the price chart for an overview of how these events impact the LINK price.
Chainlink (LINK) Weekly Chart Analysis
The LINKUSDT has been setting higher peaks and troughs and gained about 1397.33% since the price broke above bearish inside bar resistance [2.62] on 06 April ’20.
An all-around slump in crypto market cap saw the LINKUSDT enter the oversold area [level-25] and triggers a hidden bullish divergence pattern.
The recent bear trap candlestick pattern that followed an exit of an overbought area prepares the LINKUSDT for an incoming impulse wave that could see the price racing beyond the $35 mark.
Chainlink (LINK) Daily Chart Analysis
The RSI exit of the oversold area [level-25] first confirms the price bottom for the uptrend on the daily time frame and sets support at 20.82
A recent hidden bullish divergence pattern alongside a breakout of bearish inside bar resistance [25.27] on the daily time frame shows that the LINK price has a high likelihood of hitting the 36.33 resistance.
Chainlink (LINK) 4 Hr Chart Analysis
The LINK price quickly recovers from a 13.5% price slump triggered by a series of bearish divergence signals on 03 Oct 16:00 and 09 Oct 16:00.
Buyers who entered at the bear trap signal and break out of bearish inside bar resistance on 12 Oct 04:00 and 12:00 quickly lock in their gains as the LINK price hit the 27.89 resistance of 09 Oct 16:00.
We can expect the upswing to continue if the RSI dips below and exits the level-25, followed by a breakout above the 27.89 resistance. However, a price breakdown below the 23.53 support would mean the bears have assumed control with lower price levels to come.
Chainlink (LINK) Intraday Levels
- Spot rate: 26.42
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $23.53 and $24.71
- Resistance: $27.89 and $36.33
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