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Chainlink Price Flipping the previous Resistance levels into Support, Is $50 incoming?

Highlights

    Chainlink price resumed the bullish trend and attempting very hard to surpass $30 levels

    By flipping the previous resistance levels into support, LINK price may surge to the highest levels

Chainlink price smashed multiple ATH’s in consecutive days by raising drastically above $30 smashing the bearish divergence. However, the massive bitcoin price plunge impacted other assets including LINK price too.

The price slashed below $20 within no time, yet manifesting a healthy sign of recovery. The major boost was when the price broke the neckline of a ‘W-shaped’ pattern and sustaining above the levels. 

Moreover, the LINK price has flipped the previous resistance levels into support levels which indicates the bullish momentum of the asset. A popular analyst, Michael van de Poppe has predicted the LINK price may go as high as 0.0017 BTC which comes to nearly $86 by mid-2021.

Link price experienced a free-fall in the previous working day, as the price slashed mercilessly from $32 to as low as $20.1 within a couple of hours. Later the price witnessed consecutive pumps and dumps which formed a ‘W-Shaped’ pattern in the hourly chart. 

LINK Price chart

At the time of writing the token is trading at $28.48 with a massive jump of nearly 14.38% in the last 24 hours. However, the current levels reside around the neckline of the pattern and hence the upper trend is the need of the hour to maintain the bullish trend. 

The RSI levels trend within the decent margin pointing to levels close to 60. The MACD indicator also surged after a plunge, manifesting a bullish momentum.

Technical Specifications

  • The resistance levels are formed at $31
  • The support levels are formed at $ 22.
  • The indicators for the LINK price are currently neutral
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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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