Chainlink (LINK) Price Analysis: LINK Makes Positive Moves but Faces an Uphill Task at $24 High

Azeez Mustapha
30 January 2021 | Updated: 30 January 2021

Key Highlights
LINk faces rejection at $26 high
The crypto has a target price of $30.56

Chainlink (LINK) Current Statistics
The current price: $22.55
Market Capitalization: $22,588,192,832
Trading Volume: $3,485,144,033
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis January 30, 2021
LINK price has continued to make a series of higher highs and higher lows. On January 25, the crypto made higher highs and higher lows but have failed to continue with the uptrend. The coin was resisted at the $24 high. On the upside, if the bulls break the $24 resistance, the uptrend will continue. Conversely, if the current resistance remains unbroken, a sideways trend will follow.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
The crypto’s price is in a sideways move and if it breaks the trend line, there will be a change in the trend. LINK is below 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The price bars are above the SMAs which indicates a possible upward move of the coin.

LINK/USD – Daily Chart

Conclusion
Chainlink has a prospect of a further upward move. According to the Fibonacci tool, LINK will make a further upward move. On January 17 uptrend, a retraced candle body tested the 61.8% Fibonacci retracements level. The retracement indicates that LINK is likely to rise to level 1.618 Fibonacci extensions. That is the high of level $30.56.


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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.