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Chainlink Price Analysis: Strong Midterm Upside For LINK

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  1. LINK/USD is bullish in the short and longer-term

  2. Chainlink has been steadily rising towards the November 2018 trading high

  3. Buyers must continue to make bullish higher highs or risk an immediate technical pullback

 

LINK / USD Short-term price analysis

In the short-term, Chainlink is bullish, with LINK/USD pair continuing stage an impressive upside rally since mid-December.

Drawing a Fibonacci retracement to the bullish swing-low created on December 17th to the November high, as can be seen on H4 chart below, price is now probing the 0.786 per cent Fibonacci level, while the more important 0.618 per cent Fibonacci level held firm on the last major price retracement.

Overall, a sharp retracement is due soon or we will likely see the LINK/USD pair continuing to make bullish higher highs with pullbacks enjoying strong buying interest.

Pattern Watch

Two possible patterns are likely to emerge over the short-term, we will either see a bearish double-top pattern or the start of a bullish cup and handle pattern if buyers can reach the November high.


 (Source: TradingView)

Key Moving Averages

The 50-period moving average on the four-hour time frame has been holding well on any pullbacks and has been a reliable gauge of sentiment. The 200-day is now major support on any break below the 61.8 and 50 per cent Fib levels.

 

LINK / USD Medium-term price analysis

Over the longer-term, the LINK/USD pair appears bullish. Most major technical indicators support the bullish case, alongside price continuing to post fresh weekly and monthly trading highs.

The November trading high is the next critical upside challenge for the LINK/USD pair, the next two weekly price closes will be critical for this cryptocurrency.

The MACD and Stochastic indicators on the weekly chart really highlight the current bullish medium and long-term momentum behind the cryptocurrency pair at present.


LINK USD daily chart
LINK USD Weekly chart

(Top: Daily. Bottom: Weekly. Source: TradingView)

Cloud Watch

Price has clearly broke through the Ichimoku cloud on the daily time frames and holds firm above the Tenkan-sen and Kijun-sen lines.

MACD And Stochastic

The MACD on the weekly time frame shows the LINK/USD pair is bullish over the longer term, with no clear price divergence present.

The weekly Stochastic also shows that the cryptocurrency is bullish, although weekly closes should be watched very closely as this indicator may soon start to peak, pointing to possible upside exhaustion.

Volume has been gradually declining over the course of this month, it is also clear that selling volume has been outstripping buying volume.

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ChainLink Chart

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