|

Chainlink price rises in stair-step fashion as LINK bulls hope for $24

  • Chainlink price has rallied 15% since last week
  • LINK price volume is a questionable component of the current price action
  • A close below $15 will invalidate the bullish thesis

Chainlink price is currently fluctuating in the mid $16 zone with sparse evidence of a counter-trend. 

Chainlink price could continue rallying higher

Chainlink price should have traders pleased as the digital asset has displayed classical style price action over the weekend. Last week’s thesis mentioned that a 20% rally was likely underway as the daily trend line had been breached. Over the weekend, Chainlink price cleared 75% of the target in a stair-step-like fashion. 

LINK price volume is the only disappointing factor regarding the 15% rally it has accomplished. The bulls will need to breach $17.75 with an uptick in volume in order to push the Chainlink price into the hopeful $20 zone. If an uptick in volume does come into the equation, Chainlink price should be able to sustain a $20 price level. This scenario should be all of the bullish evidence needed for traders to aim for a $24 price target confidently. 

Link 9 Hour 3/28/22

LINK/USDT 9-Hour Chart

An invalidation for the bullish thesis will be a close into the previous support zone at $15. Should this occur, the Chainlink price will likely charge lower between $14 and $12, resulting in a 30% dip from the current price.

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

Pi Network Price Forecast: PI risks another lower leg as the broader crypto market slips

Pi Network is trading in the red on Thursday, retreating toward a near-term support around $0.0740. The Fear and Greed Index declines to 43 on Thursday, while total liquidations exceed $350 million over the last 24 hours, suggesting a deterioration in investors' risk appetite and a sell-side bias. The technical outlook for PI is bearish, with selling pressure building.

Ripple and Stellar outlook: XRP and XLM lose ground as hawkish Fed tone weighs

Ripple and Stellar remain under pressure on Thursday as bearish derivatives positioning and on-chain signals weigh on sentiment. XRP slides toward key support at $1.30, while XLM gives back some of its recent gains. Meanwhile, the Federal Reserve held interest rates unchanged at 3.75%-4.00% at its two-day October policy meeting.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies
Cardano (ADA) faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve (Fed) decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.