Market Analysis

CHAINLINK PRICE ANALYSIS & PREDICTION (February 17) – Chainlink Pauses Buying After Increasing By 30% In Two Weeks, Incoming Retracement?

Since the price broke out of an accumulation face two earlier this month, Chainlink LINK has been struggling to increase but has managed to reach a significant milestone for the first time in two years. It currently appears calm on the daily.

The recent monthly break out of an accumulation phase came with a notable surge in volatility but later Link lost buzz due to low buying volume. It dropped briefly and found support above $18.

Last week, it showed strength again and pushed to the peak level of $20.85 on Monday. This peak price marks its highest level since 2021 and at the same time held as the current weekly resistance – it may break if the price continues to advance. 

But looking at the volatility shrink along with rejections on the way up, it appeared buying pressure is reaching an exhaustion point on the daily chart. A correction might be around the corner. The previously broken resistance (now supports) are levels to watch for a retest.

Should that fail to materialise in the coming week, it may break higher to reach a new milestone. Nonetheless, Link remains technically bullish on the daily chart, posting more than 25% gains since the start of the month.

Link Key Levels To Watch

Source: Tradingview

The price has been indecisive since the price touched $20.85 earlier this week. A surge above this resistance level could propel buying to $22 and perhaps $24 in the next few days.

Towards the downside, the $18.64 support stands as a possible retracement level to watch for drops. If the price drops further, the next support level to consider is $17.7, followed by $16.6.

Key Resistance Levels: $20.85, $22, $24

Key Support Levels: $18.64, $17.7, $16.6

  • Spot Price: $20
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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