ChainLink Price: $1.12 Key LINK Resistance Levels: $1.3, $1.5 Key LINK Support Levels: $0.8, $0.6

*Price at the time of writing

ChainLink price long-term trend: Bullish

Following the ascending channel, ChainLink was surrounded with a bullish sentiment for the past few months as price action remains in the channel boundaries, with the bulls seemingly in control of the market. In addition, both the daily RSI and the MACD indicators revealed the positive move.

Buy/Sell ChainLink (LINK)

How to buy ChainLink (LINK) on Binance

Last week, LINK broke out of the channel and touched the $1.2 level today, but the bulls might be losing their momentum. Significantly, the market is revealed at the overbought condition of the daily RSI. The token may soon experience a bearish trend. In case of a substantial drop, LINK may fall down to the $0.8 support level.

Looking at the daily MACD, ChainLink is revealed to be positive. If the bullish move is sustained, LINK may continue to the $1.3 and $1.5 resistance levels. If the MACD falls, the price of the token may drop as well. The RSI signals a potential drop for the ChainLink market as the momentum gets weak. The 50-day moving average (pink) has suggested a bullish move, serving as a defensive line for LINK.

ChainLink price medium-term trend: Bullish

From a medium-term perspective, ChainLink is following a bullish scenario as trading holds within an ascending wedge formation. The important 50 moving average (pink line) has also been firmly acting as a defensive line for the token since the market broke up the line.

Viewing the 4-hour MACD, the bullish scenario is revealed above the zero level. Additionally, the 4-hour RSI has been reflected in the positive area, as the 50 level holds the bears to break the price lower. A successful break downwards may introduce the bears into the market as they target the $1 level and below.

If LINK rises further, the major resistance levels to expect lie at $1.15 and $1.25. Looking at the chart structure, the LINK market is more likely to witness a decline in the next few days of trading. More so, the indicators suggested that ChainLink is trading at the highest level. In a short time, we should expect a short move in the market.

ChainLink price short-term trend: Bullish

ChainLink is still following a bullish scenario in regards to the short-term trend. In the past week of trading, the LINK market has been trading within the ascending channel after rising above the 50 moving average (pink line) which has now become a defensive line for the bulls.

As revealed on the chart, the buyers are gaining momentum in the market. Currently, the sellers are looking to target the $1 support level, where the lower trend line lies. Breaking below the wedge may slump the token to the bottom of the $0.9 and $0.8 supports. By then, the bears may be in control of the market.

As of now, the bulls remain on top. The possible climb may hit the $1.2 and $1.25 resistance levels. On the hourly MACD, ChainLink appears at the positive zone. Similarly, the RSI also reveals the market to be in bullish territory.