Chainlink Price Analysis: Can LINK/USD reach the $17 mark today?

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Chainlink is a platform for issuing, managing, and executing smart contracts. The company aims to bring smart contracts to mainstream use cases that require the performance of discrete steps via the Internet. It was launched in May 2017 and is currently trading at $0.20.

At press time, the LINK/USD (LINK USD) is trading at $15.67 on ETHNews: LINK/BTC (LINK BTC) – Daily Chart – ETHNews. It is currently trading below its all time high of $17.42, which was on November 19th, 2017. The link token is a cryptocurrency based on Ethereum and is a decentralized oracle system that allows smart contracts to act as data sources in the real world.

In a previous article, we covered why LINK/USD was trending upward in the past few days. Although this post is not a technical analysis, it’s a price analysis on the LINK / USD market, and we will analyze prices and the market depth of LINK/USD to deliver a possible reason why the market was moving upward.

TL;DR Summary

  • Today, Chainlink retested its prior $15 support.
  • As anticipated previously, the LINK/USD price rose from $15.1 to $16.1 today.
  • The MACD and RSI indicators show that the market has a lot of room to expand.
  • The next goal has been set at $17, but given previous trends, it may be a long shot.
  • Before falling or rebounding again, Chainlink will oscillate between $16.5 and $15 support.

Chainlink pricing research showed optimistic emotions yesterday. After a series of negative falls, the market is trading in the green today, as anticipated. LINK/USD is now retesting the $15 support level, and the market is improving. It is currently preparing to break over the $16 barrier.

Chainlink Price Analysis: Can LINK/USD reach the $17 mark today?Coin360’s cryptocurrency heat map

Almost all crypto currencies are still traded in greens today. Ethereum and Bitcoin both gained 1.84 percent and 4.26 percent, respectively, indicating a positive mood. ADA, XRP, LTC, DOGE, and other cryptocurrencies have all remained positive today in a similar fashion.

Chainlink Price Analysis: Can LINK/USD reach the $17 mark today?TradingView’s Chainlink Price Chart

The positive emotions are clearly visible on the 1-day Chainlink price analysis graph. The RSI on this chart is at 42.84 today, with the MACD histogram at 0.03. (low but green still). As a result, the market has a modest degree of positive momentum with somewhat reducing resistance.

Chainlink Price Analysis: Can LINK/USD reach the $17 mark today?TradingView’s Chainlink Price Chart

Today’s market has a lot of potential, as the price continues to rise after breaking over the barrier. There have been a few minor bearish dips in between, but the chart shows overall bullish progress.

Today, the LINK/USD exchange rate is moving between $15.1 and $16.1. The prior resistance levels have already been broken, and there is a good chance that the market will continue to rise from here. The rate of increase, however, is anticipated to be modest.

Chainlink now has a market capitalization of $16,119,708,407. Additionally, the trading volume has decreased by 10.14 percent during the past 24 hours. As a result, the LINK/USD currency pair is now ranked 15th.

Chainlink Price Analysis: Can LINK/USD reach the $17 mark today?TradingView’s Chainlink Price Chart

While the market is now optimistic, $17 seems to be a long shot. This is because bulls were unable to push the price as far as they had done the day before. In the 4-hour Chainlink price analysis, the RSI levels show a modest rise. The grade isn’t as severe as it was during yesterday’s bull run, however.

This may signal that the bulls are about to exhaust themselves. As a consequence, although achieving $17 is not impossible, it is very tough. Before falling or rising again, the market is likely to linger around the $15 and $16.5 support levels.

Overall, there is a lot of volatility right now. As a result, depending on the present situation, achieving some short-term gains may be tough.

Conclusion – The tables may soon be turned.

For the time being, it seems like the market is enjoying the quiet before the storm. Day traders would be eager to sell their positions before Chainlink even reaches the $17 level, despite the fact that MACD and RSI indicate rising potential. After all, the recent drops must have caused a lot of anxiety.

However, given the market’s extreme volatility, the market is expected to continue rising and retest all prior support levels. The market’s nighttime direction will be determined in the next several hours.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Chainlink (LINK) is a cryptocurrency developed by the 0x project. LINK is a digital asset that allows any two parties to share access to data, programs, resources, and people on the Ethereum blockchain. These services can be accessed using smart contracts, a cryptographically verifiable and enforceable shared contract that executes when certain conditions are met. LINK is an ERC20 token that is used by 0x as the default fuel for their protocol. The 0x protocol is an open-source protocol that allows anyone to create, operate, and use a blockchain-based exchange for ERC20 compliant tokens. The protocol is designed to be an open-source protocol for decentralized exchange (DEX) and decentralized applications (DApps) that. Read more about best performing altcoins 2020 and let us know what you think.

This article broadly covered the following related topics:

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  • chainlink technical analysis
  • chainlink usd tradingview
  • top 15 cryptocurrency 2021
  • best performing altcoins 2020

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Emilia James
By Emilia James

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