• Chainlink price suggests a reversal could be coming as indicated by TD Sequential indicator’s buy signal.
  • A decisive close above 61.8% Fibonacci retracement level adds credence to bullish thesis.
  • Transactional data shows a stable demand barrier at $22.40 that could defend any downside move in LINK.

The Chainlink price seems primed for a reversal after selling pressure gets absorbed by a stable support level.

Chainlink price eyes higher high

The Chainlink price has been range-bound for almost a month. LINK’s recent move led to a 25% crash that found support on the 78.6% Fibonacci retracement level at $24.18. 

Meanwhile, the Tom DeMark (TD) Sequential indicator flashed a buy signal in the form of a red nine candlestick on the 12-hour chart.

This signal suggests that the downtrend is likely to be exhausted and projects a one-to-four candlestick upswing for the Chainlink price. While the current candles show signs of reversal, a reliable confirmation will come when the green two candlestick closes above the green one.

A candlestick close above the 61.8% Fibonacci retracement level at $26.93 will serve as a secondary confirmation. In that case, the Chainlink price will be primed for the next leg up, which could propel it by 11% toward the State Trend Support at $30.1.

LINK/USDT 12-hour chart

LINK/USDT 12-hour chart

Regardless of the bullish outlook, investors need to be wary about a move to the downside. If Chainlink’s price manages to slide below $21.18, it will result in a 6% downswing toward a crucial support level at $22.64, which coincides with the TD Sequential indicator’s State Trend Support.,

Interestingly, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that nearly 12,800 addresses have purchased 4.25 million LINK tokens here.

Chainlink IOMAP chart

Chainlink IOMAP chart

The situation becomes bleak if the demand barrier at $22 fails. In such a case, the oracle token can be expected to slide at least 13% to another crucial level at $19.58.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

SafeMoon retraces in preparation for 16% jump

SafeMoon price broke out of its range-bound movement as it bounced off a critical demand barrier. Moreover, SAFEMOON has also risen above the midway point of its consolidation, indicating a willingness to ascend. 

More SafeMoon News

This crucial level will determine whether Ethereum Classic price can resume its uptrend

Ethereum Classic price seems to be range-bound. While its correlation with Bitcoin dries up, ETC awaits a spike in volume. Only a daily candlestick close above the 50-day MA will help this crypto rise.

More Ethereum Classic News

Ripple to set the stage for 18% gains

XRP price formed the second peak on June 14, indicating the formation of a double top. As a result, Ripple is starting to decline, heading toward an immediate support level.

More Ripple News

Shiba Inu ready to reverse to $0.0000050

SHIB price faces stiff resistance ahead. A spike in selling pressure could send Shiba Inu drop to $0.0000050. Only a 4-hour candlestick close above $0.0000080 could save the memecoin. 

More Shiba News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast