Chainlink (LINK) Price Analysis: LINK Price Continues to Make a Series of Higher Highs and Higher Lows

Chainlink (LINK) Price Analysis: LINK Price Continues to Make a Series of Higher Highs and Higher Lows

Key Highlights
LINK has broken above the $24 and $26 resistance levels
The coin may face rejection at $26

Chainlink (LINK) Current Statistics
The current price:  $26.51
Market Capitalization: $26,712,093,316
Trading Volume: $3,933,708,723
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis February 5, 2021
Chainlink has continued its upward move on the upside. The bulls have broken above the $26 price level. LINK is expected to reach the high of $30, if the current bullish momentum is sustained. However, the daily stochastic is indicating an overbought coin of the coin. The RSI indicates the coin has no enough room to rally on the upside. The price level may not rise at the present level. On the downside, if price retraces it may find support above the trend line.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
Since January 1, a bullish trend line has been drawn showing the support levels of price. As long as the trend line remains unbroken,the bullish trend trend will be ongoing. The trend is said to be terminated if price breaks below the trend line. The coin is at level 64 of the Relative strength index . It indicates that the crypo upward move will be short-lived.

LINK/USD – Daily Chart

Conclusion
Chainlink is in an 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 $30.30.Thereafter the price action will continue o the upside.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.