Lorenzo Stroe
Independent Analyst
- Chainlink price remains contained inside an ascending and broadening wedge pattern.
- The digital asset reclaimed a key resistance level and aims for a 44% move towards $43.
- Several indicators show practically no resistance ahead for the bulls.
Chainlink price is close to confirming a daily uptrend but still needs to climb above another key level first. The digital asset remains heavily bullish in the long-term and faces almost no barriers on the way up.
Chainlink price aims for a 44% move with little opposition
Chainlink is contained inside an ascending and broadening wedge pattern on the daily chart. Bulls have successfully defended the lower boundary of this pattern and reclaimed the 26-EMA support level.
LINK/USD daily chart
The next most important resistance level is the high of March 3 at $31.43. A breakout above this point will confirm a daily uptrend and will likely drive Chainlink price towards the upper trendline at $43.
-637508083894692340.png)
LINK IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart shows basically no strong resistance points on the way up but robust support below $29 adding credence to the bullish outlook.
LINK/USD 6-hour chart
However, on the 6-hour chart, LINK must stay above the 100-SMA level as the TD Sequential indicator has just presented a green ‘8’ candlestick which is often followed by a sell signal. Validation of this call and a breakdown below $29.5 can quickly drive Chainlink price towards $26.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.