Chainlink Price Analysis – May 23
The Chainlink price is trading above the resistance level of $7.5, a breakout above this level could trigger a rapid increase in the market.
Resistance levels: $10, $9, $8
Support levels: $5, $4, $3
LINK/USD is resuming the bullish continuation as the buyers gain control of the market today crossing above the 9-day moving average. The 3.55% surge in volatility is leveling up the trading price to touch the resistance level of $7.6.
Chainlink Price Analysis: Chainlink Price May Gain More Upsides
As revealed on the daily chart, the Chainlink price has been trying to increase since a few days ago. Therefore, traders may see more climbs in the next few positive directions if the coin could cross and stay above the 9-day and 21-day moving averages so that LINK/USD could hit the resistance levels of $10, $11, and $12 respectively. Once this is done, it is likely for the bulls to start taking care of the market.
On the downside, the 9-day MA is currently below the 21-day MA, and once this continues to play out, the market may begin to go down. Similarly, if the Chainlink price drops below the current market level at $7.5, the $7.0 level below the moving averages could provide support for a possible bearish retracement.
Furthermore, the coin may further hit the $5, $4, and $3 supports. According to the technical indicator Relative Strength Index (14), the signal is likely to cross above the 40-level which could determine the next direction of the Chainlink price.
LINK/BTC Market: Chainlink Faces the North
Against Bitcoin, Chainlink (LINK) is heading to the north as the market price trades at 2481 SAT. The Chainlink price is now crossing above the 9-day moving average as traders expect the bulls to push the market higher. At the time of writing, the Relative Strength Index (14) is moving to cross above the 40-level.
However, if the bulls push the price above the 21-day moving average, traders can expect initial resistance at 2700 SAT. Above this, higher resistance lies at 2900 SAT and above. On the contrary, if the sellers bring the price below the lower boundary of the channel, it may hit the critical support at 2100 SAT and below.