- Chainlink price is currently hovering above the 50% Fibonacci retracement level at $33.19 with no directional bias.
- Investors can expect LINK to make a 20% move depending on how the $33.19 support level holds.
- A breakdown of the $25.40 demand barrier will trigger further descent.
Chainlink price is facing massive pressure from both camps, resulting in indecisive moves. Currently, LINK is hovering above a crucial barrier but has no directional bias whatsoever. Therefore, market participants can expect the altcoin to reach for the immediate barriers.
Chainlink price remains uninteresting
Chainlink price seems to be facing pressure from buyers and sellers, leading to a series of candlesticks with small bodies and massive wicks. However, one upside to this situation is that Chainlink price has produced a daily close above the 50% Fibonacci retracement level at $33.19.
This move suggests that Chainlink price is on an uptrend, and the odds are tilted toward a bullish move. However, for this bullishness to manifest, LINK needs to stay above $33.19. In this situation, a potential spike in buying pressure is likely to trigger a 20% upswing to $41.35, coinciding with the 70.5% Fibonacci retracement level.
In the case that the buying pressure persists, Chainlink price could extend its run-up to the next level at $44.73.
LINK/USDT 1-day chart
While the upswing narrative rests on the fact that Chainlink price needs to hold above $33.19, a lower low below it will imply that a correction is possible. This move will drive LINK to the demand zone that ranges from $27.01 to $9.79.
This area of support harbors a stable foothold at $28.20, constituting a 20% downswing from the current position. Here, Chainlink price could give the upswing narrative another chance. However, if the buying pressure fails to make a comeback, LINK could revisit the $25.40 support floor.
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.