Chainlink Price Analysis – June 20
The Chainlink price once again touches the resistance level of $7 as a break 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 movement as the buyers gain control of the market today by crossing above the 9-day moving average. The 5.67% surge in volatility is leveling up the trading price to touch the resistance level of $7.5.
Chainlink Price Analysis: Chainlink Price Ready for More Upsides
According to the daily chart, the Chainlink price has been trying to increase, and traders may see more climbs in the next few positive directions if the coin crosses and stay above the 21-day moving average so that the coin could hit the resistance levels of $10, $11, and $12 respectively. Once this is done, it is likely for the bulls to begin to care for the market.
On the downside, the 9-day MA is still below the 21-day MA, as long as this continues to play out, the market may remain at the downside. Similarly, if the Chainlink price drops below the current market level at $6.9, the $6.5 level 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 line is likely to cross above the 50-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 3394 SAT. The Chainlink price is now crossing above the upper boundary of the channel as traders expect the bulls to push the market higher. At the time of writing, the Relative Strength Index (14) is moving to cross into the overbought region.
However, if the bulls keep the coin above the channel, traders can expect initial resistance at 3500 SAT. Above this, higher resistance lies at 4000 SAT and above. On the contrary, if the sellers bring the price below the 9-day and 21-day moving averages, it may hit the critical support at 2700 SAT and below.