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
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.