Chainlink Price Analysis – May 1
LINK/USD is up by more than 7% in the past 24 hours, hitting a new daily high at $41.19 level.
Resistance levels: $45, $47, $49
Support levels: $35, $33, $31
Chainlink has been clearly outperforming the market for the majority of its existence. Since late last month, LINK/USD has seen large gains from a low of $29 to the current high at $41 today. Obviously, because this is a new daily high in the new month, the 9-day MA is getting ready to cross above the 21-day MA.
What is the Next Direction for Chainlink?
From a technical perspective, LINK/USD is in the hands of the bulls as the technical indicator RSI (14) supports the bullish action with its cross above the 60-level. At the time of writing this article, buyers are facing the $42 psychological resistance level and aiming to hit the potential resistance levels at $45, $47, and $49 in the near future while the supports lie at $35, $33, and $31 respectively.
LINK/BTC Market: Bulls are flexing their Muscles
Comparing with BTC, the market price is seen moving above the 9-day and 21-day moving averages and within the channel where the price is expected to break above the upper boundary of the channel. However, if the price breaks above the channel, the LINK price may continue to experience an upward trend that could touch the potential resistance at 7800 SAT and above.
Meanwhile, if the Chainlink price crosses below the moving averages, the coin may likely reach the support at 6100 SAT and below. However, the technical indicator RSI (14) confirms that the market is facing the north as the signal line moves above 60-level, suggesting more bullish signals in the nearest term.