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June 26, 2022
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Altcoin

ChainLink analysis: bullish pattern and retry at $ 20.00

Chainlink recovers after testing support at $ 13.50; the short-term goal is to exceed $ 15.00.

Chainlink has suffered in recent days from the strengthening of bears. Altcoin has arguably been one of the best performing cryptocurrencies on the market, not only in August, but since January.

After opening the trade on January 1 at around $ 1.78, LINK has been consistent and aggressive. Multiple barriers were broken at $ 5.00, $ 7.50, $ 10.00 and $ 15.00. In August, Chainlink peaked at $ 20.

In addition to the growth in the value of the token, Chainlink also grew as a cryptocurrency to become the fifth largest in the market. According to CoinMarketCap, Chainlink has a market capitalization of $ 5.119 billion compared to $ 5.113 of Bitcoin Cash. It is clear that the battle for fifth place between LINK and BCH will not end anytime soon.

Daily chart LINK / USD

LINK / USD is now trading at $ 14.59, after a rebound in support at $ 13.50. Further down, LINK has already confirmed support at $ 12.86. The short-term goal is to eliminate resistance at $ 15.00. This will set the pace for another possible break above a bullish streak pattern, as seen in the graph.

If that disruption comes on the scene, we can expect LINK bulls to consistently renew the moment for $ 20.00. They must, however, keep the $ 18.00 resistance in their mind because, if not overcome, the $ 20.00 journey will be delayed. For now, reaching over $ 20.00 is the key to the ongoing bullish momentum.

Intraday LINK / USD levels

  • Cash fee: $ 14.59
  • Percentage change: 4.47%
  • Relative change: 0.611
  • Trend: high
  • Volatility: expanding

Source: CoinGape

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