TL;DR Breakdown
- Chainlink price analysis is bullish.
- Resistance for LINK is present at $16.22.
- Support for LINK/USD is present at $15.2.
The Chainlink price analysis is bullish, suggesting that the coin’s price will rise as the bulls attempt to regain momentum. The cryptocurrency’s value dropped yesterday after increasing somewhat. However, today the situation is on the upswing as the cryptocurrency struggles to maintain its price above $15.9, and as the upbeat momentum increases, further price appreciation is likely to happen.
Overview: LINK is testing the upside and has maintained its price above $15.4. The cryptocurrency’s value dropped yesterday after increasing somewhat. However, today the situation is on the upswing as the cryptocurrency struggles to maintain its price above $15.9, and as the upbeat momentum increases, further price appreciation is likely to happen.
The value of LINK Tokens has increased significantly in recent weeks, leading to selling pressure in the short term. Since yesterday when it reached $16.3, LINK has dropped by 2.34%. However, the coin has remained above $15.4, which is crucial for its further price development. The upper limit of the price range for LINK is present at $16.22, while the lower level of support is at $15.2.
LINK/USD 1-day price chart: Bulls stand successful in stopping the downtrend
Bulls are attempting to regain control of the market as the bears attempt to break below $15.4. However, based on the current momentum, it is unlikely to happen anytime soon.
The RSI continues to approach the 50 levels, and it looks like bulls might soon take over. In addition, the formation of a large symmetrical triangle is indicative of a break to the upside, which will push LINK towards resistance at $16.22.
The support for the crypto’s price has increased from yesterday, and it must be maintained for further upward momentum to occur. If bulls manage to stay above $15.9 and LINK begins to rise again, it will likely retest the $16 mark and could even break above it.
On the downside, if bears manage to maintain their grip over the market and push the cryptocurrency’s price below $15.9, LINK might drop in price towards $14, which is a crucial level for further price development and also the lower level of support.
Chainlink‘s short-term price analysis is Bullish based on the study. Before further upward momentum can begin, several resistance levels must be broken. If bulls manage to climb above current levels, they will have a good chance of retesting the $16 mark and possibly breaking through it.
Chainlink price analysis: Recent developments and further technical indications
LINK/USD could break above $16.22 soon and trade above it in the short-term, which would allow further price appreciation. The bullish momentum is strong enough to push the coin’s value higher against USD and BTC in the near term.
The bulls seem to be gaining strength, leading to a breakout soon. LINK is still testing the upside and must remain above $15.4 to avoid a further fall in value.
The Awesome Oscillator is green and positive, suggesting that bullish pressure builds up. However, the indicator bars are below zero, which indicates that there’s still some selling pressure to be removed before the bulls take hold of the market for good.
Chainlink price analysis: Conclusion
Short-term momentum continues to suggest that bulls will regain control. The $16 mark will be a major determinant for the cryptocurrency’s prospects as it must break above this point to fuel further upward movement. Support for LINK is present at $15.2, and the lower level of the price range is at $14.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-02-19/