Chainlink Price Analysis: LINK Bulls Marching With Strong Fundamental Aspects

  • Chainlink performed with favorable momentum on Saturday’s trading session
  • Chainlink current price is $30.66, which is up by 13.21% in the past 24-hour time-frame and 23.30% up from the previous week
  • LINK/BTC pair is negative with a loss of 0.21% in Saturday’s trading session (0.00064508)

Source: TradingView

Chainlink had positive momentum on the weekly chart, and it progressed around $32.04 on February 13, 2021, while breaking over the resistance zones made in the past, wherein, LINK price set a record of an all-time high a few hours ago. Meanwhile, the trading volume of $4,573,329,653 in the last 24-hour time-frame represents an increase in the value of 44.07%. The LINK/ETH pair is favorable with a value of (0.016730) that is up by 0.69% in Saturday’s trading session.

Chainlink In Partnership with Mogul

Flagship blockchain oracles supplier Chainlink and first-ever dystopian movie financing system Mogul announced their forthcoming venture. Mogul will incorporate Chainlink oracles from the v1 launch of Mogul’s software. This will aid Mogul in off-chaining the fiscal information like film budget and gains. Effectively, this may allow audited disbursement of gains and reasonable distribution of benefits to the shareholders. Together with that, the Mogul applications will have access to exact ETH/USDC price quotes.

Chainlink Technical Chart Indicates a Positive Momentum

Source: LINK/USD on TradingView

The technical graph of Chainlink highlights a favorable trend. By comparison, Chainlink current price is at $30.66. In accordance with pivot points, the critical support level for LINK is placed at $27.80. Whereas if it goes up, the important resistance levels to observe are 31.50, $32.70 and $34.50. While diving into the weekly graph of 4-hour time-frame, it completes a bearish engulfing candlestick pattern, suggesting the bears have overwhelmed the bulls and are now in control.

Volume index with the sum (793.776K) reveals a selling volume . Investors may further anticipate a decrease in selling quantity in future trading sessions.

SMA-200, price is currently at $22.64, which acts as another dependable support from the coin. The cost is over the SMA, and investors can expect a bullish trend in the coin.

MACD index (Bullish), bullish crossover over signal line seen on February 13, 2021, suggested a buy signal in the coin throughout the trading session. It denotes the green bars on Histogram are slowly fading away.

Meanwhile, the RSI index (Bullish) using a value of 65.59 indicates a buy signal in the coin. One can observe a growth in value in upcoming trading sessions.

Conclusion

Chainlink’s current price is up by 13.21% on Saturday’s trading session. The price is above the SMA of $22.64, and investors may expect the price testing the resistance level of $31.50. All technical indicators urge a buy signal in the coin.

Resistance: $31.50, $32.70 and $34.50

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