ChainLink (LINK) Price Analysis – May 22
The LINK markets have followed a bullish sentiment after a change in trend from the bearish retracement. In the last 24-hours of trading, the token has recorded a 25% gain, supporting the bulls to witness higher price. At the moment, ChainLink price is trading around $1.425 level
Resistance levels: $1.5, $1.6
Support levels: $1.2, $1
Since the beginning of May, ChainLink started to witness a steady price increase, riding on the blue trend line which is now a medium-term correction level for the market. The rise became clearer after the May 14 spike, making the market to witness a positive rally to the current $1.45 level with a supporting yellow diagonal trend line.
While maintaining a rally, the cryptocurrency exchanges may further establish a price at around $1.5 and $1.6, on the upward movement. The climb was revealed on the important RSI, showing the positive scenario. On the Stochastic RSI, the bulls are reflected to be weak.
There’s a need for a short retracement to resume the bullish move. If LINK price drops, we can expect support at $1.2. Further support may be located at around $1.
Advancing higher, LINK price has dramatically climbed to 0.000185BTC, following the May 14 rise-up which has positioned the market in an upward movement. Obviously, the bulls have been gaining control of the market ever since. This upward rally might make a head-way to the 0.0002BTC in few trading days.
On the downside, we can expect the token at around the 0.00015BTC support. Looking at the 4-hours RSI, ChainLink has reached the overbought territory, indicating an exhausted buying pressure. The token’s price may drop sooner or later.
The 4-hours Stochastic RSI signaled a potential fall as well. The potential fall is expected at the mentioned support. If the market breaks this support, the sellers may locate support around 0.00013BTC, below the yellow trend line.
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