Chainlink Price Prediction: Will LINK price display golden cross?

Chainlink Price prediction suggests a rise in the long term.
LINK price seems to be preparing for the golden EMA crossover.
Chainlink crypto price is stuck into the narrow range of consolidation.

Chainlink price prediction suggests a rise in the long term but it will gain momentum when buyers succeed to break the $9.00 hurdle. LINK price fell 13% on the previous week and got sharp rejection from the higher levels. It shows sellers are still active in the supply zone.

Chainlink price seems to be consolidating in the wide range between $5.300 to $9.00 and likely to break either side soon. It consolidated for almost 12 months which is quite a long time.Therefore, we can interpret that LINK price had formed a strong base and downside seems to be limited. The 50 and 200 day EMA is sloping sideways denoting prices lacked direction and might consolidate for some more time.

Chainlink price is trading at $7.235 with an intraday rise of 0.70%. The 24 hour volume to market cap ratio at 0.0415. The pair of LINK/BTC is trading at 0.0002470 with an intraday rise of 0.49%. However, the price chart of LINK with the BTC pair is in downtrend and racing toward yearly lows. It shows low correlation with the USDT pair.

At the mid of March, LINK price took support near $6.00 and prices formed a bullish hammer candle. Later, slow and steady prices began to rise by forming higher highs and recovered 50% approx from the swing low.

Will the Chainlink Price break $9.00?

Chainlink Price tried multiple times to break the $9.00 hurdle but got rejected. But this time EMA is preparing for golden crossover and overall market sentiment is also bullish. It shows that the probability of the upward range expansion is high. If the buyers succeed to break the $9.00 hurdle level then we may see a sharp up-move. Moreover, the next phase of the rally might also begin.

Presently, Chainlink price is still inside the range and no signs of breakout or breakdown is visible. The technical analysis suggests, LINK price is bulls grip till it sustained above the $5.300 and possibility of upside breakout is high.

LINK price is in equilibrium level

LINK price forming Doji candle on a weekly time frame and price is near to equilibrium level. Currently, the overall market sentiment is bullish which might positively impact the Chainlink price for the short period of time.

The technical indicators like MACD had generated a negative crossover which indicates mild bearishness. The RSI at 47 sloping upward denotes buyers are returning back to track and it may test the neutral territory in the coming weeks.

Conclusion

Chainlink price prediction favors the bulls and suggests a rise in the long term. But the LINK price will gain momentum when buyers succeed to break the $9.00 hurdle. The technical analysis says, LINK price is stuck in a wide range and formed a strong base near $5.300. Therefore, downside seems to be limited and probability of upward range expansion is high.

Technical levels

Resistance levels : $8.822 and $9.484

Support levels : $5.984 and $5.398

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.