LINK Technical Analysis – September 2021
Over the last month, LINK has increased by more than 60%, reaching a price of $36. While still a long way to go from the all-time high, LINK is in an uptrend, and its ascending channel suggests that it may keep increasing in the following weeks.
Over the week, LINK has increased by more than 35%. This increase was stopped at $36, and this level might be the key resistance in the following days. LINK is now decreasing, but it may soon find support at $31.
The intraday chart shows very high volatility for LINK, as the price has declined in the last hours to mark a pullback. Whether this pullback can turn out to be a trend reversal depends on the support that LINK may have in the upcoming hours.
The 20-day moving average is way below the price, and this might prove to be crucial to determine whether the trend is going to continue. Based on this MA, LINK might continue to increase in the coming days, and this MA might act as a good level of support.
The 9-day EMA is closer to the price but still below it. LINK might be supported at the $31 from this EMA, and it can keep increasing as the line suggests an uptrend continuation.
Relative Strength Index
One reason for this recent pullback is that the RSI got over 70, meaning that LINK became overbought. However, due to the correction, the RSI is now at 61, indicating that LINK has now more room for growth and that the price might keep increasing.
The MACD line indicates bullish momentum for LINK as it is above the signal line and way above the baseline. This MACD indicates that the trend might not reverse just yet and that LINK can aim for new highs.
Fibonacci levels suggest that LINK can find support at 23.6%. If LINK retraces further than that in the longer term, the 38.2% and 61.8% levels might be good levels of support. Fibonacci extensions suggest that a price of $41 might be a solid price target if retracement occurs.
Price Prediction Chainlink – September 2021
Based on this technical analysis, we might see LINK retrace to $31, but it can rebound and retest resistance at $36 in the coming days. If resistance is broken, then a price of $40 is attainable for LINK. If LINK does not find support, Fibonacci levels might be tested, but the trend may as well reverse.
Latest News for Chainlink – Affecting Price
The growth in the DeFi sector of LINK has been one of the many reasons why LINK has experienced an increase in price over the last few weeks. Furthermore, the recent price increase can also be correlated to Ethereum layer 2’s Chainlink integration. Such additions have affected the price of LINK positively, and it has placed it at number 12 in the crypto market rankings.