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Chainlink price analysis: Indicators suggest a buying interest after a major dip. 

  • The number #1 decentralised oracle service in the crypto space is in the eyes of investors after a pullback from $35.16 USD to $24 USD. 
  • During its intraday session $LINK is down by 0.61%. 

Chainlink saw a major selling in the resistance level of 34.76 where the bears took control and the price went down by nearly 31% to $24 usd on Wednesday.  

After the pullback, Chainlink took support at the 50-day moving average and is currently holding above both 50 and 100 day moving averages, which is a bullish indication. But, still the bulls are struggling to break the 200 day moving average and is currently trading very close to the 200 day moving average. 

Below the significant moving averages(50,100 & 200),  $20 usd price level will also act as a significant support. 

The RSI indicator is in the 50 zone which can go either way but considering the moving averages Chainlink might go on a recovery mode in the short run with bulls taking the control.

The important resistance and support levels to look out, for the time being are: 

Resistance: 35$ 

Support: 20$

The 100 and 50 day moving average would also remain a significant support. 

Takeaway: we might see the bulls in action now after the bears made a dramatic 31% plunge. If the price holds above the 200 day moving average and breaks the resistance of $35 usd we will see $LINK at a new ATH.