Price Analysis

Chainlink Trades Around $10.5; Retains Complete Support

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Chainlink has been hitting fresh highs yet after the alt season seems over as Bitcoin started surging together with the major altcoins of the market. It is ranked amongst the top 10 cryptocurrencies of the market. Chainlink is getting closer to the smart contract ecosystem as it emphasizes on new partnerships on a regular basis.

Recently, the Chainlink blockchain platform integrated with AdEx Network to use the former to enforce crypto-economic guarantees on validator uptime and domain ownership by the publisher. This will lead to gaining trust and validations from the users about being authentic and active publishers.

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With the most recent news about yet another collaboration by decentralized lending protocol, HodlTree is integrating Chainlink’s ETH/USD & BTC/USD Price Reference Data. This integration will lead to corroborate complete collateral valuations when issuing loans and to enable liquidations. HodlTree is a decentralized lending protocol and holds the lowest interest rates for lending.

LINK has lured amazing social media presence due to its hike in price and recent strengthening leading to All-time High along with altcoins like VeChain, Verge, DigiByte, Cardano, Ethereum, etc. Alongside, Bitcoin price is also trading above $11.5 and awaits its trading presence above $12k, holding bullish crossover.

Chainlink Price Analysis

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LINK/USD Chart By TradingView

On the above chart, the price trend of LINK/USD is drawing a notable uptrend for the past ten days. After a complete flattish move, Chainlink has gained enough impetus as it trades beyond $10, at the press time. However, intraday has been experiencing constant pullbacks leading to bearish bias in the market. With recent bullish candlewick, the current price of LINK is hitting the upper 20-day Bollinger Band, but we do not predict any unprecedented volatile breakout.

Chainlink is holding support from MA50 & MA200 at $8.9 & $7.6 price area on a 4-hourly chart. The MACD line is now extending towards having a bullish divergence by overlapping the signal line after a complete bearish bias for the past three days now. Similarly, the RSI is at 69.03, which also reflects the possibility of the continuation of the uptrend. The major support and resistance to watch out for lies at $9 and $10.5, respectively.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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