Chainlink Technical Analysis: Bullish LINK Registers Sharp Increase As Buyers Dominate Market 

Daily Chainlink LINK Price Analysis

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Last Updated January 10th 2022
2 Min Read
  • The Chainlink price has registered a strong increase during the ongoing session. 
  • LINK has been extremely bullish during the week and had pushed up by nearly 8% on Wednesday. 

The Chainlink price had been extremely bullish during the week, with LINK up by over 9% during the ongoing session. LINK had registered a substantial increase on Wednesday, as it moved above the 200-day SMA. The price remained in the green on Thursday, registering a marginal increase, and then rose by 2.22% on Friday, moving to $25.96. However, the price fell back in the red on Saturday, dropping by 2.44% before rallying during the ongoing session. 

Chainlink Price Analysis Indicates LINK Could Push Towards $30 

The Chainlink price has been highly bullish during the week and started the previous week on a bullish note, rising by over 6%, pushing above the 20-day SMA, and settling at $20.76 on Saturday. Sunday saw LINK continue to move higher, rising by over 5% and settling at $21.87. LINK remained bullish on Monday, pushing above the 50-day SMA and settling at $23.71, but registered a marginal drop on Tuesday, falling by 1.23%.

Image: LINK/USD daily

LINK/USD daily chart 011022

After Tuesday’s marginal drop, the Chainlink price registered a significant increase on Wednesday, pushing above the 200-day SMA and settling at $25.20 after an increase of nearly 8%. Thursday saw LINK remain in the green, rising by 1.23% and then rising by 2.22% on Friday to settle at $25.96. Despite the bullish sentiment, LINK fell back on Saturday, dropping by 2.44% but made a strong recovery during the ongoing session.

Presently LINK is up by nearly 8%, and with the Parabolic SAR currently bullish, we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $25.50. At this price level, over 20,000 addresses have bought more than 59 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 011022

The 4-hour Chainlink price chart shows us that LINK had registered a sharp increase on the 5th, rising to $25.59. The price continued to push higher from this level, rising to $27.10. However, it could not stay at this level and fell back to $25.21, where the 20-bar SMA acted as support. LINK could stay at this level for the next few sessions before falling below the 20-bar SMA on the 7th when the price fell to $23.47. The price pushed up from this level, pushing up to $26.56, staying at this level until the 8th, when it slipped below the 20-bar SMA to $24.03. The price recovered from this level, moving back above the 20-bar SMA to its current level of $27.

We can see that the MACD has flipped to bullish, indicating that we could see the price push higher.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 011022

Chainlink Price Is Expected To Reach These Levels

The Chainlink price chart shows us that LINK has been extremely bullish over the past few sessions. If the current sentiment continues and buyers retain the market, we could see LINK push towards $30.