Looking from the monthly view, Chainlink is creating a higher low, with the help of Gann Box, we can see that the price is trading below the middle quadrant, and with the respect of two levels, $26 and $13, now is time for this pair to create a new high, which needs to break the level of $38. How we can rely on Gann Box is through the main four quadrants. Each of them has a meaning for the price. Going furthermore, the rule of this method is expressed based on levels of $0, $25, $0.5, $0.75, and $1, a simple approach to this method is to use two scenarios for the price:
We should define the mid-range of quadrants which is $0.5 level, and see the price where it is currently trading. Traders should keep in mind levels of quadrants and follow these two rules;
1. If the price is trading below the middle quadrant ($0.5) it is a good time to buy from a level under $0.5 to $0.25.
2. If the price is trading above the $0.5 level and can not reach the previous high that was created it is time to sell from $0.75 and $1.
Continuing on this analysis, this method is used to have a clear opinion for long-term movement. Following the rules of Gann Box can help traders make profits allowing them to enter with smaller risk and expecting more profit.
The Chainlink price from May to this date has shown very strong bearish momentum, breaking $30s and $20s levels. In the long term, the price is bullish, in the short term it is bearish but the overall structure again is bullish.
Chainlink Price Predictions – June 2021
Now it’s time for Chainlink to have a pullback, but before having the pullback, this month’s price closure is very important because, from our analysis, $13.36 is a very critical level. From the downside view by any chances, this month can close below the previous candle low and any buys from 13$ to 18$ it should be safe investments for Chainlink. According to technical analysis, by the end of 2021, the price might reach $40 or above, a 100% gain from the current price in one investment. This analysis is based on long-term movement.
Weekly Analysis – Chainlink
Chainlink in weekly view is refusing to increase. In the past 2 weeks, the volume from sellers was low, it is a confluence for buys now. What is important in the weekly chart is that from 17 May to 21 June Chainlink has created a double bottom at $15 which means that the $15 level is very strong. Explaining in more detail, the price of Chainlink in begging of 2021 was around $10, following the other months all-time high for this crypto was $52, with the aid of Fibonacci we open the fib from low to high and what is seen there is the refusing of $61.8 level and $78.8 level. Under those levels as mentioned above the double bottom is created at $15 level. Going through this weekly analysis, with respect to the support level, it is time to push to the upside for the following weeks and months.
LINK/USDT Price Chart. Source: TradingView
Chainlink in Daily view has some strong levels of supply and demand level. By identifying supply and demand, it is clearly seen that it is holding the demand and is waiting for the price to reach the next supply zone, which is at the $32 and $35 levels. Right now, the price is in consolidation for the past 2 weeks. If the price breaks $20 levels, it is a strong confirmation that demand has been holding the price and has the potential to reach the next target. Furthermore, if the trendline is broken, it is another confluence to our analysis that price could go upside to create the new high.