Chainlink Technical Analysis: LINK Charges Towards $35.75
Daily Chainlink LINK Price Analysis
- Chainlink price is trending in an upward channel formation.
- The MACD shows increasing bullish market momentum.
Since March 25, the Chainlink price has jumped from $24.75 to $35.20, gaining nearly $10. During this jump, LINK managed to flip the 20-day and 50-day SMAs from resistance to support. The 20-day SMA has crossed over the 50-day SMA to form a bullish cross pattern.
Chainlink Price Shows Increasing Bullish Market Momentum
The Chainlink price is trending in an upward channel formation. The MACD shows sustained bullish market momentum, while the relative strength index (RSI) shows that LINK still has room to grow before it gets overbought.
Image: LINK/USD daily
Looking at the IOMAP, the strongest support wall is at $32.50. Previously, at this line, 5,000 addresses had purchased 18.5 million LINK tokens.
Chainlink Price Is Expected To Reach These Levels
Seeing that the overall sentiment of the Chainlink price is extremely positive, we think that the LINK price is likely going to jump to $37.50 and hit the upper bound of the channel.