Chainlink Price Movement Analysis for 19th March, 2021

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The cryptocurrency market has been extremely volatile recently, with frequent bursts of development. Chainlink‘s [LINK] market has seen crests and troughs on its stock charts during this time of strong volatility. The tenth-largest cryptocurrency, with a market capitalisation of $12.38 billion, was trading at $30.14 at the time of publishing.

Chainlink six-hour chart

Source: LINKUSD on TradingView

According to Chainlink’s six-hour map, the digital asset made a quick rebound from its recent drop. LINK fell close to $26, but a rally forced its price up to $30. As the economy levelled out, the valuation of Connection was limited to $30.98 to $28.71.

Bullishness was growing in the economy, with even Bitcoin seeing a shift in direction. This might lead to Connection checking the resistance level of $30.98 once more.

 

Reasoning

The Bollinger Bands signalling that the economy was getting more volatile. This may be the beginning of a price swing in the Chainlink industry. On the opposite, the Signal line persisted below the price bars, indicating that the price had started to rise.

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Meanwhile, the Relative Strength Index, which had been moved close to the oversold zone, had risen higher, and was found to be just above the equilibrium zone. This meant that investors had joined the market and were driving up the valuation of the digital asset.

At press time, the 50 moving average, which had been acting as resistance prior to the sudden surge, was acting as a strong support level for LINK’s price. As the digital commodity rose to $30.12, support stayed at the $29.33 level.

 

Crucial levels to watch out for

Entry-level: $30.55
Take profit: $32.70
Stop-level: $28.76
Risk to Reward: 1.21

Conclusion

Chainlink’s six-hour chart showed that it might be on the way to testing the resistance range of $30.98. When investors enter the market, the cryptocurrency’s price can experience a powerful uptrend, allowing traders to benefit from a long place.

 

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