ChainLink (LINK/USDT) Hopes to Settle Above Key Support for a Continued Uptrend
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ChainLink Mid-term Analysis: Bullish
The current sentiment in the market for ChainLink against Tether has shown a slight bullish movement. However, the price of the pair has recently bounced from key support levels and is now testing resistance zones, indicating a potential continuation or reversal, depending on further price action. Also, the overall trend appears to be gaining strength as the pair appears to be in a recovery phase, with the price pushing past previous consolidation zones.
To this end, ChainLink trades at $18.88 after recording 27.37 million traded volumes, a 2.55% increase from the previous stage.
Technical Indicators
Major Resistance Levels: $19.28, $20.88, and $25.00
Major Support Levels: $15.79, $15.00, and $16.07
LINK/USDT Technical Analysis
The technical analysis of ChainLink against the Tether on the weekly timeframe shows the pair is preparing to settle above a crucial support level. However, the Guppy Multiple Moving Averages (GMMA) lines indicate the strength of the trend as the short-term moving averages break above the long-term averages, showing a bullish trend.
From another angle, the Stochastic RSI is in an overbought zone (95.74), which could indicate that the price may soon face a correction or a pause in upward movement. However, if the Stochastic RSI starts to dip below 80, it could suggest the price is approaching a pullback.
To this end, if the bulls manage to keep the price above $18.88 with strong volumes, the next target might be a point beyond $19.28. Conversely, considering the Stochastic RSI condition, a point below $17.79 might suggest a long-term correction.
LINK Analysis: Expectations
On the daily chart, the price of LINK/USDT has recently shown bullish momentum, breaking above significant resistance levels like $18.62 and testing the $18.89 mark. However, the Stochastic RSI is showing a dip below the oversold zone, suggesting a pullback in the short term.
From another perspective, the GMMA lines are still bullish, with short-term moving averages above the long-term ones, signaling that the prevailing trend remains upward for now.
However, a potential pullback to $18.23 and $18.04 for a possible buy opportunity might be a nice entry point, especially if the Stochastic RSI states otherwise. To this end, if the price breaks above $18.89, consider entering for further bullish movement towards $19.28.
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