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Price Analysis

Chainlink Price Analysis: Yesterday’s Surge Sets Down, May See Resistance at $2.22

  • Chainlink has recently started an upward move to remain stably above $2.20
  • The coin has rebounded after tracing a dip near $2.18, may face resistance near $2.23
  • After yesterday’s surge above $2.29, Chainlink has traced a bearish trendline

After yesterday’s price rise to $2.29, Chainlink is tracing a downtrend and today the coin has continued the same until an hour ago. The coin has just started to move upwards against U.S.Dollar. Meanwhile, Bitcoin is preparing to trade above $10,200.

Yesterday morning price actions of Chainlink were bearish enough to take the coin as down as $2.14 from $2.22. The coin then took a steady surge to $2.29 with an increase of 6.93%. As the coin didn’t clear resistance beyond $2.29, it took a downward price journey and closed at $2.23.

Chainlink has extended the downtrend today also but it saw a support level at $2.18 and started a price recovery. Its current price is at $2.21 at 05:52:32 UTC.

LINK/USD Price Chart:

Chainlink Price Chart
Chainlink Price Chart

Chainlink is currently below its 50-day SMA of $2.53 along with its 5-day SMA of $2.30. Its short-term SMA is above its long-term SMA which shows a bullish price move. However, the coin is trading under selling pressure.

Chainlink Price Prediction & Technical Indicators:

MACD chart of Chainlink is moderately volatile and is in the bullish zone and is heading for a bearish crossover. RSI for the coin is near 50 showing no extremities. Chainlink may face further resistance at $2.29 and $2.36, while, it can find support at $2.16 and $2.1.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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