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ChainLink Price Prediction October 2021: Will LINK Reach $30?

ChainLink Price Prediction October 2021: Will LINK Reach $30?

LINK Technical Analysis – October 2021

Monthly Analysis

Over the last 30 days, LINK decreased by 42%, but it found support at $20.85. After that, the price attempted to reverse, and it started increasing again, where an increase of 35%. Recently, the price has formed a double top, and while the shorter-term trend is bullish, the longer term is bearish.

ChainLink Price Prediction October 2021: Will LINK Reach $30?

Weekly Analysis 

Over the last 7 days, LINK has increased by around 20%. This indicates that LINK is bullish in the shorter run. Recently, the price pulled back by 10%, but it then started increasing again.

Daily Analysis

In the intraday chart, LINK has been bearish. The price has declined by 8% over the last few hours. Additionally, in a 30-minute chart, the new high is lower than the previous high, indicating a trend reversal for the shorter-term trend.

Key Structures

Support

  • $25.2

Resistance

  • $28.2

Indicators

Moving Average

The 20-day moving average is below the price, meaning that the trend is upward and that the price could keep increasing in the coming days.

The 9-day EMA is also below the price, and it is currently acting as support for the price of LINK. It indicates that the price is bullish in the short run.

Relative Strength Index

The RSI of a daily chart is slightly above 50, meaning that the momentum is bullish and that the price has room for growth in the coming days. The same applies to a 4-hour chart.

MACD

In a daily chart, the MACD line is above the signal line and is now heading above the baseline, meaning that the momentum is bullish for LINK. In a 4-hour chart, however, the MACD line is below the signal line and headed below the baseline, meaning that the momentum is bearish in the shorter run. Nonetheless, the lines are slowly converging, which could lead to a shift in momentum.

Fear & Greed 

The fear and greed indicator suggests that the current emotion of LINK traders is fear due to the recent pullback in the price of LINK.

ChainLink Price Prediction October 2021: Will LINK Reach $30?

Fibonacci

The Fibonacci retracement levels suggest that the price has retraced to the 78.6% level.  Then, the price started increasing as anticipated, and it could go and retest resistance at 0%.

ChainLink Price Prediction October 2021: Will LINK Reach $30?

Price Prediction LINK – October 2021

Based on this technical analysis on ChainLink (LINK) we could see its price increase in the coming hours. LINK might retest resistance at $28.2. If resistance is broken, then LINK could also go up to $30 soon. However, if it fails to break resistance and a double top is formed, LINK could go below $23.

Latest News for LINK – Affecting Price

The Chainlink team has recently announced that it is going to create the first stablecoin with a focus on the South American market. With the DeFi sector increasing in volume in the Chainlink ecosystem, this can greatly affect the price of LINK. 

Also read: Chainlink Price Prediction 2021 and Beyond – Is LINK a Good Investment?

Also read:

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