LINK Price Analysis – June 01
Should the price exceeds the $4.7 level, then, the resistance levels of $6.1, and $8.3 may be visited. For a backward movement, the market can be supported at levels of $3.4, $2.7.
Resistance levels: $4.7, $6.1, $8.3
Support levels: $3.4, $2.7, $1.9
Against the USD market, LINK has been increasing slowly since May 12. Looking at the daily chart, Chainlink (LINK) has been rising for a few days after a bullish breakout that took place on April 08. Since seven days ago, the bulls have been controlling the market with a current movement above the 9-day and 21-day moving averages, which is heading towards a resistance level of $4.7.
Should the price exceeds the just mentioned level, then, the resistance levels of $6.1, and $8.3 may be visited. For a backward movement, the market can be supported at levels of $3.4, $2.7 and if the price falls below the previous level, another support is around $1.9. Meanwhile, the RSI (14) is at 60 levels with the signal line pointing upside, which indicates a further increase in price.
Chainlink pairing with Bitcoin, the market has been following the upward trend after a short price retracement. Traders can see a positive movement in no time in case the price break up the resistance level at 0.00046 BTC.
As it appears in the daily chart, it is trading above the 9 periods EMA and 21 periods EMA which indicates that the bulls are in control of the LINK market. Breaking the 0.00046 BTC could further open the way for an upward movement. If such a scenario comes to play out, the closest resistance level for a possible inclination could be 0.00052 BTC and above while the critical supports level lies at 0.00036, 0.00031 BTC, and below. The relative strength index period 14 is above 60 levels pointing upside, which connotes a strong buy signal.
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