Chainlink Price Analysis – April 9
The Chainlink price is up by 0.86% as the coin prepares for a bullish movement above the moving averages.
Resistance levels: $20, $22, $24
Support levels: $11, $9, $7
LINK/USD is currently hovering below the 9-day and 21-day moving averages. The technical indicator Relative Strength Index (14), for instance, is moving near the 45-level. The buyers seem to be gaining traction due to enough trading volume that is needed to sustain gains to $16. Meanwhile, the more the price delays the spike above this level, the stronger the sellers become.
Chainlink Price Analysis: Chainlink Price May Not Reach Far
The technical indicator may continue the bullish session in the next few trading days. It is, however, not clear how long the session will last because, since the beginning of this month, the bullish sessions have been frequent. Therefore, it is important to watch the resistance levels coupled with the movement of both technical indicators Relative Strength Index (14) and the Moving Averages.
On the downside, a bearish movement towards the lower boundary of the channel may bring back the short-term selling pressure while the next supports may come at $11, $9, and $7. Meanwhile, any further bullish movements above the upper boundary of the channel may hit the next resistance at $20, $22, and $24 levels
LINK/BTC Market: Prices Are Moving Sideways
By comparing with Bitcoin, the Chainlink price is moving to cross the 9-day and 21-day moving averages, currently trading at 3597 SAT. However, looking at the daily chart, if LINK/BTC makes a clear cross towards the upper boundary of the channel, traders can now say the bulls have come back fully into the market.
Meanwhile, if the market drops below the current market value, the next key support could be at 2700 SAT and below. On the bullish side, an additional bullish trend could push the market price to the resistance level of 4500 SAT and above. Similarly, the daily Relative Strength Index (14) reveals that the market may continue the uptrend if the signal line crosses above 50-level.