Chainlink (LINK/USDT) Stabilizes Above $13 as Sellers Lose Momentum
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The market for Chainlink against Tether has recorded a modest price increase of 1.03% in the last 24 hours, rising to $13.21, as the current gain is against the coin’s overall weekly decline of 1.48% and the wider cryptocurrency market (0.21%) during the same period.
Meanwhile, this recent action has been attributed to several factors, and prominent among these factors are Chainlink’s inclusion in major financial indices linked to Nasdaq and the new strategic partnerships with institutional players. To this end, the positive signals from these factors have cumulated in a slight bounce as the current stance suggests temporary stability rather than a clear upward trend.
Currently, Chainlink trades at $13.23 with potential upside move as the price stabilizes within the Guppy Multiple Moving Averages (GMMA).
Technical Indicators
Major Resistance Levels: $13.50, $14.00, and $15.00
Major Support Levels: $13.00, $12.60, and $12.00
Technical Analysis
On the daily timeframe, Chainlink against Tether has been reported to be trading above the $13.00 level and also above the lows recorded in November and December of the previous year. Meanwhile, price action within the cluster of exponential moving averages suggests the price tends to break out, but more bullish strength is needed as downward pressure weakens.
From another point of view, the Stochastic RSI appears to be showing neutral momentum, indicating the market has the potential to break either side. To this end, the price needs to break far above $13.50 for a continued upside move; otherwise, a fall below $13.00 may pull the price towards the monthly support around $11.00.
Chainlink Update
The market for Chainlink has not really made any significant changes over the week; the price has been acting under the $14-$15 resistance with strong support around the November and December low. From an Elliot point of view, a kind of 335 move is about to form as the price sees a continuous bounce from the previous support area. As it stands, it appears the token might be making progress towards the $15 level, but until this line is broken, Chainlink might need to test the previous low.
LINK/USDT Analysis: Will Momentum Improve?
On the smaller timeframe (4H), LINK/USDT seems to be improving above $13.22, operating within the converging EMAs. As it stands, the price is stationed above the short-term set of moving lines, suggesting that buyers are defending their current trading conditions, which improve slightly.
Meanwhile, the Stochastic RSI on the 4-hour timeframe was reported to be above 70, reflecting strengthening bullish momentum in the short term. However, it was also noted that this condition could signal limited upside unless volume expanded.
To this end, without a move above $13.40, the next action may not be in favor of the bulls, as the momentum oscillator nears the overbought zone.
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