Chainlink is a decentralized oracle network that goals to provide a huge variety of decentralized services that smart contracts and Web2 structures want to create a global powered with the aid of cryptographic truth. The community is supported by way of a large quantity of records carriers, node operators, protection auditors, smart contract builders, and lots of others. Chainlink guarantees decentralized participation for all customers that have interaction with the platform — absolutely everyone can turn out to be a node operator on the network.
What’s Happening On the Technical Chart Of Chainlink Crypto
Chainlink crypto (LINK) price is gaining momentum and broke above the 20, 50, 100, and 200-day EMAs, indicating bullishness in the previous trading sessions. The chart also shows a breakout of the key EMAs as the crypto had a sharp rally.
The crypto has tested the demand zone near $6 multiple times, finding support and bouncing back. Buyers have regained their strength and are aiming for the $20 level in the next sessions.
The chart structure shows a volatile movement in the previous months, with the crypto facing multiple rejections from the supply range of $8.5. The lower levels near $7 acted as a support region, and the crypto bounced from there, making the price trade above the $9 level.
Furthermore, the crypto’s trajectory shows that beyond $16.5, the zone is bullish, and a rally could be continued. But, if further rejection takes place, then the crypto will continue to trade in the congestion zone. Similarly, below $10, bearishness could be seen.
At press time, Chainlink crypto was trading at $15.097 with an intraday minor loss of 5.88% showing bearishness on the charts in the previous session. Moreover, the intraday trading volume is 783.737 Million. The market cap of Chainlink crypto is 8.413 Billion.
Indicator Analysis of Chainlink Crypto Price on 1-D Timeframe
Currently, Chainlink crypto (USD: LINK) is trading above the 50 and 200-day SMAs (simple moving averages), which are supporting the price momentum.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the Chainlink price is expected to move upward giving bullish views over the daily time frame chart.
The current value of RSI is 71.24 points. The 14 SMA is above the median line at 78.16 points which indicates that the Chainlink crypto is bullish.
The MACD line at 1.771 and the signal line at 1.503 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the LINK crypto price.
Short-Time Horizon Analysis
Chainlink crypto has shown sellers’ strength, and profit booking in the crypto was noted on the short-term charts. Moreover, the price-taking support on the 50 EMA, shows further weakness in the crypto.
The RSI curve is near the neutral region at 50, and a negative outlook was noted, indicating bearishness in the crypto. The MACD indicator also persisted to form red bars, and a bearish crossover was noted, which signals corrective moves.
Summary
Chainlink crypto (USD: LINK) technical oscillators also support the bullish trend. MACD, RSI, and EMA all demonstrate positive signals, suggesting that the uptrend is likely to continue. On the 1-day time frame, price action suggests investors and traders are bullish. There is a bullish perspective reflected in the price action at the moment. However, investors and traders should avoid FOMO by waiting for proper setups before moving forward.
Technical Levels
Support Levels: $13.102 and $11.433.
Resistance Levels: $16.651 and $20.00.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Source: https://www.thecoinrepublic.com/2023/11/13/chainlink-crypto-prediction-will-link-smash-30-before-2023-end/