LINK Price Analysis – February 20
Chainlink (LINK) rebounded at the support provided by the $33.9 level but it failed to break above $35.
Resistance levels: $40, $42, $44
Support levels: $30, $28, $26
At the time of writing, LINK/USD keeps maintaining its price movement above the $30 support level with the intraday price fluctuations. However, the overall bullish market of the cryptocurrencies seems not to have affected Chainlink much but over the last 24 hours, the coin has done some shifts and the latest gain within the 24 hours is around 4.8%.
What Is the Next Direction for Chainlink?
The daily chart is showing that the buyers are making an effort to push the market price above the upper boundary of the channel. However, if the bulls can keep the price above the 9-day and 21-day moving averages crossing the upper boundary of the channel, the nearest resistance level lies at $38. A further movement may take the price to $40, $42, and $4s4 resistance levels.
In other words, if the market begins to drop, the next key support may likely be at $31, and should the bulls fail to hold the support level, the price may further swing to $30, $28, and $26 levels. Meanwhile, the technical indicator RSI (14) is moving sideways within the overbought region, indicating an indecisive market at the moment.
LINK/BTC Market: Consolidating below the Moving Averages
Against Bitcoin, Chainlink’s performance has been very low due to a recurring bearish sentiment which has caused the market to fall. More so, the price movement remains choppy, has been following a sideways movement since a few days ago. At the moment, the market is indecisive but traders would have to be on the watch for any possible direction.
Moreover, for a positive upsurge, the 75000 SAT and 80000 SAT are the major resistance levels for the coin for now. More so, a negative spike below the lower boundary of the channel could retest the important support at 55000 SAT before a possible slip to 50000 SAT and below. The technical indicator RSI (14) is seen moving in the same direction below the 50-level, indicating a sideways movement.