menuIcon
$ 86,982.1
BTC
$ 86,982.1
2.78 %
$ 1,572.78
ETH
$ 1,572.78
-0.84 %
$ 0.6200
ADA
$ 0.6200
0.08 %
$ 596.77
BNB
$ 596.77
1.19 %
$ 135.70
SOL
$ 135.70
-1.10 %
Vikram
Mar 16, 2022
by Vikram

LINK Technical Analysis: Buyers Eye at $15 With Trendline Breakout 

LINK
The LINK coin price surpasses the resistance trendline with a jump in trading volume, increasing the chances of a 10% price jump.

Key technical points:

  • LINK prices surpass the short-term resistance trendline.

  • The EMAs maintain a bearish alignment.

  • The 24-hour trading volume of Chainlink is $637 Million, marking a 15% rise. 

    • Past Performance of LINK

    With the head and shoulder pattern breakout on 20th February, the LINK coin price falls to $12.65 before retesting the neckline at $15. Post-retest, the downfall continues to approach the $12.65 under the highly bearish resistance trendline. Accounting for the fall from the head formed above $18, the altcoin has discounted by 30% last month.

    TradingView Chart

    LINK Technical Analysis 

    LINK coin price surpasses the resistance trendline starting with the head and shoulder pattern marking a potential trend reversal. However, the upcoming multiple resistance levels will keep the growth in check, 

    The crucial EMAs (50,100 and 200) maintain bearish alignment in the downtrend and provide constant selling pressure. Hence, the trendline breakout highlights the possibility of a price jump to the 50-day EMA.

    RSI Indicator: The RSI slope shows a sudden jump in underlying bullishness evident by the 14-day SMA breakout. The string reaches the halfway mark and increases the trend reversal possibility.

    MACD Indicator: The MACD and signal lines diverge to regain the bullish alignment and continue the approach to the neutral line.  

    In a nutshell, the LINK technical analysis forecasts a price jump to the 50-day EMA with the trendline breakout.

    Upcoming Trend 

    As buyers surpass the sellers-driven trendline, the upcoming resistance for the LINK coin price is 50-day EMA standing at $15. Hence, the trendline retest will bring an excellent buying opportunity for a 10% jump. 

    Conversely, a failed retest will shove the prices below $13 and increase the possibility of a downfall below the $12.5 support level. 

    Resistance Levels: $15 and $18

    Support Levels: $13 and $12.5

    Follow us on: News
    Chainlink LINK
    LINK Technical Analysis: Buyers Eye at $15 With Trendline Breakout 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks