While Chainlink remains indecisive in a rising triangle, buyers continue to show commitment on the short-term.
If LINK can break above the 38200 SAT level, the bulls might regain control of the market momentum.
Chainlink is still facing strong support across its trading pairs.
LINK/USD: Chainlink Looking For Breakout
Key Resistance Levels : $2.4, $2.75, $4
Key Support Levels : $2, $1.52, $1.35
LINK/USD. Source: TradingView
This week, Bitcoin and altcoins have seen a small bounce from their immediate support, including Chainlink, which is now consolidating around $2.26 against the US Dollar.
After finding support around $1.8 in mid-March, LINK pushed above $2 on Monday to signal an incoming bullish action. Meanwhile, Chainlink is currently trading against resistance at $2.4 for about two weeks now.
More so, the price has been rejected twice around $2.75 – circled yellow on the 4-hours chart. At the moment, the price action is trapped inside a rising triangle.
Chainlink Price Analysis
If Chainlink can overcome $2.4 resistance, the next target would be $2.75 resistance, which is right around the upper boundary of the triangle.
A break above the triangle would confirm a short-term bullish reversal towards $4.
As of now, Chainlink is relying on $2 for support, which is marked green on the price chart. A steep drop below this level could roll LINK back to $1.52 and $1.35 (March low). A fresh decrease might start if LINK drops lower.
LINK/BTC: Chainlink Rising Towards 38200 SAT Level
Key Resistance Levels : 38200 SAT, 44000 SAT
Key Support Levels : 33000 SAT, 31000 SAT
LINK/BTC. Source: TradingView
After four weeks of decline, yesterday, Chainlink found temporary support around 33000 SAT. This made Chainlink recorded its first notable gain in two weeks.
Looking at the 4-hours chart, LINK is now aiming at a key resistance area, although the price is still floating around 35742 SAT.
The LINK/BTC pair needs to climb above the immediate resistance area of 38200 SAT before it can start to consider a change in trend. Otherwise, Chainlink might remain in a bearish trend until buyers turn up well.
Chainlink Price Analysis
The price of Chainlink is rising towards an initial red resistance area of 38200 SAT. If the buyers push above this area, the next major resistance area to watch out for is 44000 SAT.
If the buyers fail to push above this immediate supply area, the bearish action is likely to resume. This may cause the price to drop back to 33000 SAT support (yesterday’s low).
Chainlink could also dip to a new low around 31000 SAT level if the price collapse beneath the current support.
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The post Chainlink Price Analysis: LINK Is Struggling At $2.26, But Showing Strength Against Bitcoin appeared first on CryptoPotato .