Chainlink Price Analysis – January 5
Chainlink clears the local resistance at $14.0 as the recovery may be extended above the $15.
Resistance levels: $16, $17, $18
Support levels: $12, $11, $10
LINK/USD is indicating an uptrend in the market, hovering above the 9-day and 21-day moving averages around the upper boundary of the channel. For the past few days, traders have seen Chainlink moving at a high speed in the market. In the addition, the LINK price is recently projecting a volatile movement where the coin is spotted following a bullish movement moderately.
Where is LINK Price Going Next?
Looking at the daily chart, a fall back-formation below the moving averages could bring the price to the support levels of $12, $11, and $10 after breaking below minor support at $13. In other words, considering a continuous upward trend for this pair, LINK/USD could surge above the channel and move towards the resistance levels of $16, $17, and $18 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line moves above the 60-level.
LINK/BTC Market: Consolidating at the Downside
Against Bitcoin, the coin is trading between the 9-day and 21-day moving averages at 4317 SAT. Meanwhile, if the coin crosses above the upper boundary of the channel, the market may begin to experience a bullish movement. On the upward trend, any additional bullish movement may push the market to the resistance level of 5000 SAT and above.
On the other hand, should in case the market drops below the moving averages, the next key supports could be at 3500 SAT and below. Meanwhile, the technical indicator RSI (14) shows that the market may continue the uptrend if the signal line crosses above the 40-level.