Chainlink Price Analysis – January 23
The Chainlink’s recent expansion has soared high posting a new all-time high at the time of writing.
Resistance levels: $28, $29, $30
Support levels: $18, $17, $16
According to the daily chart, LINK/USD is seen trading above the 9-day and 21-day moving averages as the coin moves to break above the upper boundary of the channel. Meanwhile, as the daily chart reveals, buyers are now gaining traction due to enough trading volume needed to sustain the gains above the $28 resistance level. More so, today’s trading has been impressive as Chainlink price rises above a tough resistance which has held the bulls for some days now.
What is the Next Direction for Chainlink?
According to the daily chart, the Chainlink market is gradually playing out on a bullish move as the market carved a rising channel since yesterday. At the moment, the buyers appeared to be gaining momentum after the market recently tests the lower channel at $21. Looking at the daily chart, a fall back-formation below the channel could bring the price to the support levels of $18, $17, and $16.
In other words, considering a continuous upward trend for this pair, LINK/USD could surge above the upper boundary of the channel to reach the resistance levels of $28, $29, and $30 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line moves to cross above the 70-level.
LINK/BTC Market: Following a Sideways Movement
Against Bitcoin, the coin is seen trading above the 9-day and 21-day moving averages at 7716 SAT. However, if LINK/BTC makes another cross above the upper boundary of the channel, the market may continue the uptrend. On the upside, further bullish movement may push the market to the resistance level of 9000 SAT and above.
On the other hand, if the market drops below the moving averages; the next key supports could be at 5500 SAT and below. Nevertheless, the technical indicator RSI (14) reveals that the market may continue the upward movement as the signal line moves into the overbought zone.