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Chainlink Price Analysis: We expect LINK/USD to test $35 today

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  • Chainlink price analysis is bearish today.
  • LINK/USD is currently trading at $33.
  • LINK/USD could then rally all the way up to $45.

The current Chainlink price analysis is bearish, as the market slowed down after overcoming the $32 resistance. As a result, we anticipate LINK/USD to reverse and establish another higher low.

The LINK/USD market found resistance at our expected upper bound at $32 yesterday – which was also the confluence of the 100-day EMA. As a result, LINK/USD retraced back to $28 in order to consolidate and establish a higher low that will act as support in the event of another drop in prices.

On the other hand, bull momentum appears to have run out of gas, as no green candle has appeared since 21 June. As a result, we expect the LINK/USD market to reverse and create another high soon.

In order for Chainlink prices to rise again, bulls need to breach resistance at $32 then re-test it as support. In that case, LINK/USD could then rally all the way up to $45.

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Alternatively, bulls may push prices higher should accumulation continue at support between $28 and $27. In that case, LINK/USD could rally all the way up to $32 before paring back gains.

As a result, LINK/USD may need to post lower lows before buyers can establish the momentum to continue the uptrend.

If however, that level proves too strong, bulls may push prices higher in order to establish support at $32.

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Either way, we recommend patience while looking for signs of accumulation or distribution before committing any capital. That way, LINK/USD prices could surprise us with a rally sooner than later.

LINK/USD 4-hour chart: LINK to reverse from $32?

The 4-hour chart shows that the Chainlink price is approaching exhaustion below the resistance, suggesting another retracement will occur.

Chainlink Price Analysis: We expect LINK/USD to test $35 today 1
LINK/USD 4-hour chart. Source: TradingView

The market reversed shortly after establishing this higher low; however, the bears are taking their time in pushing prices towards new lows. This has created an ascending triangle pattern on the 4-hour chart (pictured above), with the market currently trading around the lower support.

Bullish momentum has officially been exhausted at this point, and Chainlink is expected to establish a new lower low soon.

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The 4-Hourly RSI recently established a new higher low on our trend model. This was after briefly breaching the 50 level, signaling bearish

Following the massive gains, a retest of the $29 level sparked a retracement in which LINK traded as low as $26.9 before rebounding. Another drop followed, setting a new high at $29. Yesterday’s rise brought the cryptocurrency rate to its highest level yet, surpassing $32 and signaling another possible decline today. For now, it appears like the $30 level will act as strong resistance once again.

As for the MACD indicator, it has recently flipped in favor of bears; however, this could change in the coming hours. If buyers manage to push prices above $32, we could see another corrective rally. At this point though, it seems like LINK/USD is likely to record a new low in the near future.

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Chainlink Price Analysis: Conclusion 

The LINK/USD market is well below the resistance and needs to post a higher low before we could see any signs of a trend reversal. Traders should wait for this event to take place before committing any capital.

We anticipate the LINK/USD market to reverse and establish another higher low. Further confirmation will be necessary before committing any capital. $28 March 26th CTH Support  – A higher low will be confirmed if LINK/USD trades at or above $28.

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Former Google CEO Becomes Strategic Advisor At Chainlink

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A man who helped build one of the world’s biggest software companies is joining Chainlink, a smart contract data provider.

Chainlink Labs – a smart-contract oracle service provider – recently signed on former Google CEO Eric Schmidt as a strategic advisor. Schmidt’s duty will be to help guide Chainlink in building “a world guided by truth.”

Schmidt Joins Chainlink

Chainlink announced its recruitment of the Ex-Google chief in a statement this Tuesday. The team is focused on aggregating and implementing real-world data to be used as smart contracts built on various blockchains. This is accomplished by using oracle networks, which connect web 3.0 systems with legacy databases.

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In aggregate, Chainlink has helped secure over $80 billion in total value locked across multiple smart-contract chains.

“Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption,” said Chainlink co-founder Sergey Nazarov. “ Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.”

Eric Schmidt helped Google scale its infrastructure, including a $23 billion IPO, while presiding over the launch of Gmail, Google Maps, Chrome, Adsense, and Fiber. He was also chairman of the Department of Defence’s innovation board, and National Security Commission on Artificial Intelligence. Today, he is the co-founder of Schmidt Futures and chairman of the Broad Institute of MIT and Harvard.

Schmidt believes blockchain’s lack of connection to the physical world is one of its glaring weaknesses, which Chainlink helps alleviate:

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“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionising business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth.”

Eric Schmidt. Source: Vox

Chainlink’s Connections

Chainlink is focused on building a multi-blockchain ecosystem and has proven successful in expanding its network thus far. In October, the company partnered with Cardano – a top ten blockchain ecosystem – to bring oracle systems to Cardano’s smart contracts. This was remarkable timing, given that Cardano had only recently implemented smart contracts onto their chain.

More recently, the Associated Press announced that it will run a Chainlink node, used to provide smart contract developers with verifiable data from a highly reputable source.

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Assessing the odds of Chainlink establishing an uptrend in the near future

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The crypto market witnessed one of its worst dips on 4 December. On that day, almost all the coins ended up shedding 20% to 30% of their value. While most of them continue to remain in their sluggish zone, a few have managed to bounce back.

LINK is one of the few coins to have recorded three green candles in a row. In fact, at the time of writing, it was noted that this alt had fetched investors double-digit returns [around 11%] over the past day. However, the likes of BTC and ADA, and SOL had lost 4%-5% of their daily value.

Source: CoinMarketCap

Time to stride higher?

Well, the initial leg of any rally post a downtrend is always associated with a sense of gloominess and un-surety. Market participants often find it a task to find the right time to enter the market.

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So, what can LINK participants do at this stage? The pertinent question remains- Is it the right time to hop onto the bus, or, should they wait before proceeding further? Well, looking into the state of a few of LINK’s metrics would help us decipher what the ideal next move could be.

The average HODLer balance peaked in the second week of November and reflected a value of more than $56k at the time. However, over the past few weeks, the same has massively shrunken, depicting a mere value of $30, at the time of writing.

Now, the aforementioned numbers, to a fair extent, indicate the halted state of the macro-accumulation trend. The downslide in the balance evidently points out that market participants did part ways with their HODLings when LINK’s price made a local peak earlier in November.

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Their selling action, in effect, gave rise to the balance on exchanges. In the initial few days of December, the exchange net flows largely remained negative. Thus, implying the presence of a buying bias. However, the same is currently positive, implying the sell-side pressure.

In fact, ITB’s trades per side indicator also highlighted that the number of tokens sold over the past 12 hours had exceeded the number bought by over 300k tokens.

Source: IntoTheBlock

Nevertheless, over the months, the number of participants who cling to the token for more than a year has increased. However, the short-term participants have gradually been exiting the market.

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What this means is that people do have faith in the long-term future of the token. Going forward, if traders enter into the market, then, it’d be fair to expect a full-force swing in LINK’s price. Post that, even if they exit, the momentum would be carried forward by HODLers.

Source: IntoTheBlock

So, as long as the sell-side pressure is still prevalent in the market, the odds of LINK shedding value rather than gaining, are greater. Ergo, only when the state of the aforementioned metrics get better, LINK would be able to properly establish an uptrend. In effect, investors can wait for some more time before entering the market.

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Chainlink Price Analysis: The LINK Token Hints At A Bear Trap In Its Technical Chart

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The technical chart of LINK token indicated the price would extend its correction phase when the price breached the $21.5 support; however, the intense buying pressure pushed the price back above this level, projecting a fakeout.

Key technical points:

  • The LINK price obtains strong resistance from the 20-EMA line
  • The intraday trading volume in the LINK token is $1.71Billion, indicating a 48.4% loss
TradingView Chart
Source- LINK/USD chart by Tradingview

The LINK token chart displayed an impressive recovery phase in October, trying its best to continue the uptrend. However, the token price could never pass the previous swing high resistance around $35.5 and entered another retracement phase.

The token price started dropping lower and ended up losing 50% in almost one month. Moreover, on December 4th, the intense selling pressure across the crypto market helped the token breach a strong support level of $21, which was also the previous higher low. ,   

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The crucial EMA levels(20, 50, 100, and 200) maintain a bearish sentiment of this LINK since its price is trading below the trend defining 100 and 200 EMA. Moreover, the 20 EMA provides strong dynamic resistance from this token, interrupting all the previous attempts to rally again.

The Relative Strength Index(43) indicates a bearish sentiment as its line moves below the neutral zone.

LINK/USD 4-hour Time Frame Chart

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TradingView Chart
Source- LINK/USD chart by Tradingview

The LINK token tried to sustain below the $21.5 mark in order to confirm this breakdown. However, today the price showed a strong bullish candle around +6.45% and jumped above this new resistance level, indicating a fakeout.

The crypto traders should wait for the daily candle closing above this level which will provide a better understanding for token’s further move.

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