Chainlink Price Movement Analysis for 2nd April, 2021

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Chainlink’s price has been heading downwards for the past month. However, the direction seems to have reversed recently, with the altcoin currently seeing an uptick in bullish traction. LINK has been on a revival streak since the beginning of March in order to return to the price level last seen on February 20. At the time of writing, Connect was on the verge of returning to the aforementioned stage.

At the time of publication, LINK was trading at $30.2, up more than 17% from the previous week. Connection has a market capitalisation of $12.6 billion and a $1.6 billion 24-hour trading rate.

Chainlink 1-day chart

Since the last week of March, there has been a clear bullish momentum in the Chainlink market. The bulls have been in charge since the pattern reversal on March 25. At press time, the altcoin was already on the rise, with the altcoin on the verge of smashing through the $32.5 resistance mark. If this level is flipped to help in the next 24 hours, Connection is likely to rise towards $37 in the coming week.

However, if there is another market correction and Connection trades lower, there are two main levels of support at $26.6 and $23.9. The altcoin should rely on these thresholds to help support its price and stop the bearish momentum.

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Given the cryptocurrency’s upward momentum, traders will gain from long positions and profit about the second stage of resistance. This will apply if LINK was able to break through its immediate opposition in the short term.

 

Rationale

On the maps, Chainlink’s technical indicators painted a rather bullish view. The MACD indicator made a bullish crossover, and the MACD line held just above the Signal line. The RSI indicator was found to be marginally above the neutral zone, but heading in the direction of the overbought zone. This demonstrated how investors have dominated LINK’s economy.

Important levels to watch out for

Resistance: $32.5, $37.2

Support: $26.6, $23.9

Entry: $32.6

Stop loss: $26.5

Take profit: $36.1

Risk/Reward ratio: 0.56

Conclusion

Chainlink has now gained enough bullish traction to break through its immediate opposition. In this case, the coin’s target price for the coming week is expected to be $37, and traders will profit from opening long positions.

However, if the alt’s price declines more in the short term, Connect could fall to about $26.6 in the coming week.

 

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