Chainlink Price Movement Analysis for 21st February 2021

Spread the love

A new day and a new peak for Bitcoin and a lot of other altcoins. However, amid the boom seen earlier, the crypto market has seen a phase of consolidation as the purchasing pressure decreases. Chainlink [LINK] has been a big crypto player on the market that has been able to carve a niche in the decentralised finance ecosystem and has been trading up since the beginning of the month.

With a market capitalisation of $13.96 billion, the Connection native token of Chainlink slipped to ninth on the CoinMarketCap list. The digital asset was traded at $34.42 at the time of publication.

Chainlink daily chart

The above chart of Connection illustrated the price increase in the ascending channel. The price has risen by at least $10 inside the channel, although there may be a negative price breakdown in the future.


Given the market volatility, there may be a shift in the trend leading to the Connection market. The Bollinger Bands saw the market become more volatile as the bands diverge. Meanwhile, the 50 moving average along the signal line stayed under the candlesticks to act as support.

RECOMMENDED READ:  Bitcoin Data Reveals Inflation Getting Out of Hand in Argentina

Whereas the relative strength index remained close to the over-purchased region. This suggested that there were more buyers than sellers in the Connection market. The indicator had briefly reached the over-purchased field, but had traced back its moves.

The correction could find its way to the Connection market, as it was saturated by the buyers and its indicators were serious.


Important levels

Entry-level: $26.65
Stop-level: $37.82
Take profit: $26.65
Risk to Reward: 1.27


The Chainlink market has witnessed a strong price spike, but the trend may result in a breakdown. This might result in the value of the asset falling to support close to $26 in the coming week.

 242 Interactions,  4 today

Cardano Price Movement Analysis for 4th March, 2021

Though a surge of the prices arose in March, corrections quickly began, dragging the price of cryptocurrencies down the charts. Read more

Bitcoin Cash, Elrond, Tron Price Movement Analysis for 4th March, 2021

Bitcoin Cash traded just above the support level at $507 as the bearish sentiment took hold. Elrond and Tron seemed Read more

Bitcoin Price Movement Analysis for 4th March, 2021

There were some reasons that led to Bitcoin falling down to $45,000 at press time. In reality, in the last Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us