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chainlink technical analysis

Chainlink (LINK) Faces Crucial $15 Hurdle: Analyst Insights & Technical Signals

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Chainlink (LINK) is currently under the spotlight as its recent price movements present a promising yet uncertain scenario for investors. Analysts and enthusiasts are closely watching key levels and indicators to gauge the digital asset’s future trajectory.

Renowned crypto analyst Ali Martinez weighed in on the situation, shedding light on the hurdles and potential breakthroughs that could shape Chainlink’s journey. At the forefront of discussions is the $15 mark, a significant resistance level where approximately 73.6 million LINK tokens are held across 19,000 addresses.

Breaking through the $15 barrier is considered crucial for Chainlink’s sustained upward momentum. Analysts suggest that once this resistance is overcome, LINK could be poised for further gains, with potential targets at $17 and a psychological barrier at $20, representing the year’s high. However, the path to these milestones is not without challenges, requiring a convincing surge in trading volume.

Chainlink Signals: Navigating $15 Hurdle & Key $14.20 Support

A closer look at the technical indicators reveals a mixed bag of signals. The immediate hurdle at $15 is substantial, and a clean break above it is seen as a prerequisite for additional upward movement. The 50-day Moving Average (MA) appears flat, reflecting the market’s current indecision, while trading volume remains relatively low.

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Source: Tradingview.com

The Relative Strength Index (RSI) is hovering neutrally, adding to the ambiguity, but the Moving Average Convergence Divergence (MACD) provides a glimmer of optimism. The recent crossover in the MACD suggests potential bullishness, though a negative histogram hints at an underlying bearish sentiment.

Looking ahead, the key support and resistance levels will play a pivotal role in determining Chainlink’s trajectory. Maintaining a position above $14.20 and the 50-day MA is deemed crucial for the bulls, while a breach below these levels could expose LINK to bearish pressures, with potential downside targets at $13.50 and the 200-day MA at $12.30.

The current value of Chainlink is $14.35, accompanied by a 24-hour trading volume of $904.12 million. Chainlink’s market capitalization stands at $8.15 billion, representing a market dominance of 0.50%. Over the past 24 hours, the LINK price has risen by 1.18%.

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ChainLink (LINK) 24 Hour chart | Source: CoinMarketcap

Investors are reminded that the broader cryptocurrency market dynamics will significantly influence Chainlink’s fortunes. Monitoring Bitcoin and other major digital assets is advised, as their sentiment often ripples through the entire market.

Additionally, staying informed about Chainlink-specific news, developments, and on-chain analysis is essential for gaining deeper insights into the project’s overall health and potential future direction. As Chainlink enthusiasts and traders await the next move, the market remains poised on a knife’s edge, oscillating between promise and uncertainty.

Related Reading |  Binance vs. CFTC: $2.7B Settlement Approved 

Chainlink breaks resistance at $26.74, what to expect?

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Chainlink price has been down by 3.10% in the last 24-hours, attaining a daily high at $31.37. After breaking the price resistance at $26.74, the LINK/USDT price has turned bearish.

According to CoinMarketCap’s data, the prices will continue to be bearish in the short term as the trading volume dropped down by 26.24%, currently at $1.13 billion.

The price movement has been bullish for the month of October, rising by more than 24.38%. The previous daily candle opened at $28.68 and closed at $31.36, attaining a high price of $31.46.

It is a general trend of the market to follow Bitcoin, the king of the cryptocurrencies. The price of Bitcoin reached an ATH at $65k and analysts are bullish BTC as well as the entire crypto market.

Chainlink price analysis on the daily chart

The daily chart shows that the price action broke out from the upper end of the Bollinger Bands, breaking the price barrier at $26.74 on the daily chart.

The price movement is above the 50-day and 100-day Moving Averages, indicating a bullish analysis on the chart. With the selling pressure increasing today, these price levels will be acting as support levels in the short term.

Chainlink price analysis
Chainlink price analysis on the chart by TradingView

The RSI indicator shows that the MACD line crossed above the signal line, which is technically called a bullish divergence. This caused the price action to turn bullish with a green histogram.

The RSI indicator is progressing with a negative gradient, i.e., the selling pressure is dominating. If this scenario persists, we can expect lower prices in the short term.

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Chainlink price analysis on the chart by TradingView

Final Verdict

The final verdict for the Chainlink analysis is bearish for today, but this oracle project is definitely worth investing in in the long term. With plenty of tokens in the market, you can surely look at our market analysis.

Polkadot, Chainlink, Binance Coin Technical Analysis on 13th September 2020

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The collective cryptocurrency market cap rose to $348 billion as Bitcoin‘s dominance declined by 55.8%. As Bitcoin continued to consolidate between a tighter range, several altcoins appeared to be pushing above key resistance levels.

Polkadot [DOT]

DOT e1599977548336

A couple of weeks ago, the blockchain interoperability project Polkadot was not even in the top 100. But today, it stands tall as the fifth largest coin with a market capitalization of $991.53 million and a 24-hour trading volume of $852 million. After yet another surge of 17.29% over the past day, the coin was priced at $5.31, at the time of writing.

On the technical side, DOT hit crucial support of $4.01. However, the coin’s tryst with the bears was brief as it renounced following gaining necessary bullish momentum. As evidenced by both MACD and Klinger Oscillator on the 4-hour price chart for DOT, the token was exciting a positive trend that could propel it to reach an overhead resistance of $5.82.

Chainlink [LINK]

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LINK was up by 4.56% which pushed the price to $12.90 as it held a market cap of and a 24-hour trading volume of $4,51 billion and a 24-hour trading volume of $5.80 billion, at the time of writing.

In the short-term chart for LINK, bulls appeared to be making a comeback following the latest uptick.  Awesome Oscillator witnessed a resuming bullish momentum with the green closing bars. However, Chaikin Money Flow was still below the zero-line depicting the bearish presence. If the token manages to retain the necessary momentum, it could target its immediate resistance at $13.5. But if the bulls continue to have an upper hand, LINK could slide to the support level of $10.33.

Binance Coin [BNB]pP

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BNB has made a consistent upward trend but turned down from the resistance of $31.38. At the time of writing, the coin registered a market cap of $4.49 billion and a 24-hour trading volume of $1.169 billion.

The dotted markers of Parabolic SAR aligned below the BNB price candles resisting a downward price action. The RSI was also well above the 50-median neutral line depicting a sentiment of high buying pressure among the traders in the coin market. If this trend persists, the coin could climb to immediate resistance of $34.98, a level unseen since July 2019. The coin’s support level was found to be at $23.11.

Chainlink, Bitcoin Cash, Bitcoin SV Technical Analysis on 1st September 2020

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Despite Bitcoin‘s dormant price action, several altcoins have pushed ahead reclaiming overhead resistances. The collective cryptocurrency market cap stood at $386.7 billion while Bitcoin’s dominance declined to 56.8%.

Chainlink [LINK]

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Chainlink [LINK] trading close to its psychological support of $18 despite a decline of 3.94% over the past 24-hours which positioned the coin’s price at $16.09 after. LINK held a market cap of $5.63 billion and a 24-hour trading volume of $1.565 billion.

The dotted markers of Parabolic SAR aligned below the LINK candles resisted a downside breakout of the coin exhibiting bullish projections. Ths RSI above the 50-median neutral zone indicated a sentiment of buying pressure in the LINK market. The technicals resumed a positive trend as the support point for the coin stood firm at $10.11.

Bitcoin Cash [BCH]

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Bitcoin Cash [BCH] broke out to the downside as it weakened below the previous support level of $280. The forked coin was down by 1.08% over the past day which drove its price to $275.19 at the time of writing. It registered a market cap of $5.092 billion and a 24-hour trading volume of $1.244 billion.

However, BCH appeared to be heading for a break of this level. This was also evidenced by the shift to bullish momentum by the Awesome Oscillator which depicted by green closing candles.

Failure to rally the price back above $280 could cause the coin to fall back towards its immediate support level of $218.7.

Bitcoin SV [BSV]

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Bitcoin SV has been in a downtrend for the most part of August. However, the ninth-largest cryptocurrency was up 1.26% over the past 24-hours which pushed its price to $197.37. At the time of writing, it recorded a market cap of $3.65 billion and a 24-hour trading volume of $660 million.

The latest upward price action could have potentially propelled the much-needed bullish momentum for the coin as both Klinger Oscillator, as well as MACD, appeared to be heading for a bullish crossover after a month.

If BSV gains the necessary momentum and breaches the key level of $200, it could encounter another resistance at $225. But if the bears continue to have an upper hand, BSV could drop to $168 level of support.

Chainlink, Cardano, Binance Coin Technical Analysis on 27th August 2020

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After enduring a troubling week, the bulls and bears continued to assert dominance over the cryptocurrency market. On the brighter side, the number of Bitcoin [BTC] whales reached an all-time high which indicated that the world’s largest cryptocurrency was still in an accumulation phase.

Following BTC’s minor price change to the positive side, several altcoins also bounced upside.

Chainlink [LINK]

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Over the last year, Chainlink [LINK] has witnessed a meteoric rise. But the latest announcement of crypto trading platform dYdX introduction of LINK-USD perpetual contracts boosted the price closer to the resistance point of $19.2.

LINK was up by 3.25% over the past 24-hours which drove its price to $15.17 as it held a market cap of $5.30 billion and a 24-hour trading volume of $1.21 billion.

Despite the rise, Awesome Oscillator continued to point towards a bearish momentum. Chaikin Money Flow also appeared to be struggling in the bullish region as the inflow of capital to the LINK market declined.

As the bearish pressure sets in, the key levels of support to look out for to the downside are $12.2 and $10.02 respectively.

Cardano [ADA]

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Despite multiple attempts of the bulls to defend the support zone aggressively at $0.112, Cardano was found to be trading close to this point as it continued to set lower highs over the past week.

At the time of writing, ADA was priced at $0.113 after a minor rise of 0.30% over the past day. It registered a market cap of $2.95 billion and a 24-hour trading volume of $293.7 million.

Its technicals, on the other hand, signaled bearishness and faced stiff resistance at $0.132 as the signal line dominated the Klinger Oscillator as well as MACD. Should the coin fail to hold the aforementioned level, its next target in the short-term lies at $0.098.

Binance Coin [BNB]

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Binance Coin [BNB] dismissed an overhead resistance of $22.93. After a brief fall to the $22-level, the coin recuperated as it rose by 0.68% over the past day. BNB was valued at $22.29, at the time of writing and stood at a market cap of $3.21 billion and a trading volume of $238.5 million over the last 24-hours.

The dotted markers of Parabolic SAR hovering above the BNB candles resisted a potential upside break. The RSI, which depicted aggressive selling, flipped above the 50-median line suggesting bulls are at a minor advantage.

The coin’s immediate support stood untested at $19.43.

XRP, Chainlink, Bitcoin SV Technical Analysis on 19th August 2020

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The cryptocurrency market underwent a correction driving the collective market cap to face a major retracement all the way back to $370 billion. After a short-lived tryst above the $12k-mark, Bitcoin was back below the crucial key level. Following suit were several major altcoins such as XRP, bitcoin SV( BSV )& chainlink that recorded minor falls as a result.

XRP

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Despite pushing back and reclaiming the third spot in the cryptocurrency ladder, XRP has so far failed to post impressive gains. The development activity in the XRP network has been decreasing since the beginning of the year.

At the time of writing, XRP was valued at $0.295 after a major decline of 6.95% over a period of 24-hours. Its market cap was observed to be at $13.28 billion while recording a 24-hour trading volume of $2.08 billion.

Awesome indicator signaled a bullish trend with its red closing lines depicting the outflow of money from the XRP market. The Chaikin Money Flow was also observed to be struggling in the bullish region.

Chainlink

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Chainlink has been one of the best performing tokens among the top 10 cryptocurrencies by market cap. However, the latest downturn drove the coin to breach the previously established support level.

LINK was down by 8.78% over the last 24-hours driving the token’s price all the way to $15.67. At the of writing, the sixth-largest crypto registered a market cap of $5.48 billion and a 24-hour trading volume of $2.93 billion.

The MACD indicator appeared to undergo a bearish crossover in the near-term. A potential bearish trend was also observed by the Klinger Oscillator.

Bitcoin SV [BSV]

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BSV was the third-largest loser among the top 10 market cap cryptocurrencies in the latest drop. The contentious fork coin hovered below at a key price level of $230. BSV appeared to be struggling to revive its valuation despite developments such as the digital currency security and asset management firm, CYBAVO announcing support for the coin.

At press time, BSV’s market cap stood at $3.90 billion and was priced at $211.3. Over the last 24-hours, the coin fell by 8.36% which drove its trading volume to $950 million.

The dotted markers below the BSV price candles appeared to be supporting the coin’s price from a further dip. The Relative Strength Index [RSI] dropped below the 50-median line depicting a sentiment of selling pressure among the traders in the BSV market.

Chainlink, Litecoin, EOS Technical Analysis on 16th August 2020

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The collective cryptocurrency market appeared to be in a consolidation phase. The market cap was registered at a whopping $373 billion, a level unseen since May 2018. While Bitcoin has faced multiple rejections at the coveted $12k-level, several altcoins have, however, sprung up in action.

Joining the bandwagon are coins such as Chainlink [LINK], Litecoin [LTC], and EOS, which have witnessed a substantial rise in their values over the last 24-hours.

Chainlink [LINK]

chainlink technical analysis

Chainlink has been in the spotlight for quite some time now and has been one of the best-performing assets among the top coins. As the weekend dawned, LINK soared to a new all-time high. Meanwhile, it recorded a surge of 13.21% over the last 24-hours which catapulted its value to $18.93 at the time of writing.

Moreover, it registered a market cap of $6.64 billion along with a 24-hour trading volume of $2.538 billion.

As the fifth-largest altcoin continued to build on gains, the green closing bars of Awesome Oscillator indicated a positive course for the coin’s price in the near-term. Further exhibiting a bullish trend was the Chaikin Money Flow indicator as it hovered in the bullish territory.

Litecoin [LTC]

litecoin technical analysis

Over the past year, Litecoin fell to the eighth position. After subsequent downfalls, LTC appeared to be slowly moving ahead and targeted a local top. At press time, the cryptocurrency noted a market cap of $4 billion with a 24-hour trading volume at $3.28 billion. LTC was being traded at $61.41 and was up by 6.91%.

The indicators failed to back up the latest surge in the coin’s valuation. This was evidenced by the bearish Klinger Oscillator. After a brief tryst with the bears, the MACD appeared to be heading for a bullish crossover.

EOS

EOS technical analysis

Despite not much significant developments on the tech side, EOS was the second-best performing asset in the last 24-hours among the top 20 coins, trailing behind LINK. It was up by 11.12% over the last 24-hours which drove its price to $3.75, at the time of writing. Furthermore, EOS recorded a trading volume of $5.12 billion over the past day while its market cap stood at $3.50 billion.

The dotted markers of Parabolic SAR hovering below the EOS candles depicted a bullish phase for the tenth-largest coin. Following the latest upsurge, the Relative Strength Index [RSI] shot up to the overbought region. This could essentially lead to a decline in demand among the traders of the coin with a subsequent decline in its price in the near future.