• Chainlink price gets massive support against the $22.25 value area.
  • Bulls push for a close above the Tenkan-Sen at $23.60.
  • A flash spike in price higher could generate Chainlink bulls a +36% gain from the Wednesday open – but intense resistance would prevent any further increase.

Chainlink could pull off an extreme bullish close today if it remains above $23.02. A close at or above $23.02 would confirm a bullish engulfing candlestick as well as a close above the daily Tenkan-Sen, granting bulls some reprieve.

Chainlink price eyes some relief for beleaguered bulls, but the upside potential is limited

Chainlink price may see a few days of bullish gains. Many buyers have entered the market to support Chainlink at the significant $22.25 support level. The immediate target for buyers is the psychological number of $25.00, which also contains the 50% Fibonacci retracement ($25.61) and the 61.8% Fibonacci extension at %61.8%.

The $30 value area is likely to cap any further upside momentum by buyers. A large number of price levels near $30 will act as resistance: the top of the Cloud (Senkou Span A - $28.75), Kijun-Sen ($28.59), 61.8% Fibonacci retracement ($20.03, and the bottom of a primary bear flag channel ($30). Thus, it is unlikely that Chainlink price would move higher without a retracement from the $30 level.

LINK/USD Daily Ichimoku Chart

However, buyers should be warned that significant risk-off sentiment continues to wear on the cryptocurrency market, and Chainlink is not immune to aggregate market weakness. Note that Chainlink opened the new daily candlestick below the Cloud marking an extremely bearish condition. Any return to the Wednesday open and lower will likely push Chainlink to the $17.00 value area.


Like this article? Help us with some feedback by answering this survey:

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price is trading marginally above $1,300 after its bullish shoots were slashed at $1,400 on Tuesday. The presence of immense buyer congestion at $1,255 cut short the pullback that may very well have tagged $1,200. 

More Ethereum News

This best-case scenario for Litecoin price forecasts a 20% drop

This best-case scenario for Litecoin price forecasts a 20% drop

Litecoin price action over the last few weeks paints a bearish picture, as discussed in our previous article. Since then, LTC has triggered a breakout and is likely to continue heading lower.

More Litecoin News

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin. 

More Shiba Inu News

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price undid its gains seen between September 21 and 24 as it came tumbling down, following the footsteps of Bitcoin price. This downtrend has provided sidelined buyers a chance to accumulate before the inevitable explosion of bullish momentum.

More Dogecoin News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP