Market Analysis

CHAINLINK PRICE ANALYSIS & PREDICTION (January 22) – Link Recovers From Recent Low As It Forms Bullish Pattern on Hourly, Where Next?

Link saw a notable recovery today and returned 6% profits in the past hours. It has held yesterday’s low as support and quickly bounced back. The bulls seem to be stepping back with a surge on the 4-hour chart. 

Towards the end of 2023, Link’s price topped out at $17.6 and started to show signs of weakness. The price later fell and tumbled to $12.2 earlier this month. That saw the asset through its first crackdown for the first time in 7 months. 

A recovery from there brought a small relief as it climbed back above $16. It failed to hold above that level last week and the price slipped back yesterday. The bears took control and the price closed at around $14.5. 

As the bulls stepped back today, volatility increased well and the price bounced back above the $15 level to continue the higher high and higher low pattern forming on the lower time frame. It is losing ground again.

Looking ahead, Link is slowly footing an upward move and may soon break out of its previous high. If that happens, we can expect a leg up towards the $20 level. 

Paying attention to the daily volume indicator, which has been on the fall for a while, suggests capital outflow from the market. A close below the monthly level could trigger a big sell-off.

Link’s Key Levels To Watch

Source: Tradingview

It is too early to consider a bullish continuation with the current negative sentiments surrounding the crypto space of recent. However, the resistance levels to watch are $15.7, $16.6 and $17.67 respectively if the price breaks higher. 

If Link continues to lose ground, the $14.19 level is the first support to consider before slipping to $13.3 and $12.1. Below this support lies $10.6

Key Resistance Levels: $15.7, $16.6, $17.67

Key Support Levels: $14.19, $13.3, $12.1

  • Spot Price: $14.9
  • Trend: Bearish
  • Volatility: Low

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: fellowneko/123RF // Image Effects by Colorcinch

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