Cryptocurrency Price Analysis

Chainlink Set To Witness Bullish Run

Coming off the back of the recent success that Bitcoin has enjoyed over the last few weeks in the crypto market, other altcoins have enjoyed bullish momentums too. Major altcoins like Ethereum and Litecoin have posted remarkable returns, with Ethereum trading well over the $1000 price mark while Litecoin is presently eyeing the $200 price mark.

While other mid-class altcoins have been showing promise, a coin that the crypto market has failed to look into is Chainlink. Chainlink is presently enjoying life in the crypto market as the digital asset is currently trading well above the $14 price market, which is also the previous resistance of the coin. As it stands now, Chainlink is presently looking to the bulls to carry it well over the $15 price mark.

Chainlink is showing promise of a bull run

Taking a look at the important levels that the digital asset would need to make a healthy move in the market, one would note that Chainlinks latest resistance levels are $16, $17, and $18, and this is after the coin broke above the previous $14 resistance figure.

If the coin is going to encounter a slight bearish run, then its latest support level is $12, $11, and $10. Presently, everything points at a bullish momentum for Chainlink, especially if the 9-day moving average and the 21 day moving average of the digital asset are considered.

Traders and investors in the Chainlink market have been amazed at the rate at which the digital asset has moved in the market over the last few weeks. To back up this claim, analysts and experts have pointed that Chainlink is presently undergoing volatility, and this has been a major reason why the price of the digital asset has spurred in the last few days. The coin is currently moving at a slowed pace but could encounter a bullish move in the next few days.

The bullish run will see the digital asset trade up against Bitcoin

The chart of Chainlink shows that if the digital asset is going to fall back outside the previous bullish formation that it has made, then it would be supported by the bulls near the $12,$11, and $10 price mark. This will happen if the digital asset first falls below its first support of $13; this support is classified as minor support and might not be able to hold the asset from hitting the $12 if the bears are serious.

If Chainlink traded above the former channel, it would need the bulls to power its surge well above the $16,$17, and $18 resistance levels. Traders and investors need not worry about a bearish move just yet, with the Relative Strength Index readings showing that the digital asset is presently trying to move more into the 60 level.

Looking at the coin’s performance against that of the leading digital asset, Bitcoin, one would see that it is presently moving around 4327 Satoshi, which is a move around the 9 day and 21-day moving average. The digital asset needs a bullish run to cross above the channel and trade high against Bitcoin, and if this happens, the asset would be eyeing the next resistance level of 5000 Satoshi. If a bearish run should occur, the asset would be looking at its next line of support near the 3500 Satoshi level, which means that it could move above the 40 level of the Relative Strength Index.

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