Market Analysis

CHAINLINK PRICE ANALYSIS & PREDICTION (October 22) – Link Attempts To Breakout Of Its Range Following A Daily 25% Gain, Can It Sustain Momentum?

Link added $1.2 million in volume in the last 24 hours and saw a massive explosion near $10. Those actions triggered a slight break out of its long tight trading range as it marked a new multi-high in grand style.

After witnessing a two-week lower correction from last month’s rally, Link found support above the $7 level last week and slowly bounced back. But it faced hurdles at $7.83 on the way up and retraced slightly.

It regained strength in the mid-week and resumed buying with an inverse “head and shoulder” pattern. It surged and flipped through an 11-month resistance level of $8.7 to reach a new milestone earlier today.

That surge in volatility saw the price to the high of $9.75 for the first time in 15 months. It rejected that high and retraced briefly to where it’s testing the crucial $9.5 level as support – formerly resistance.

The current breakup attempts from the long tight trading range – as shown on the daily chart – remain unclear and insignificant. It may lead to a fake-out if Link fails to sustain momentum. Then, we can expect the price to roll back under the mentioned crucial support level if that comes into play.

Following past weeks of insane gains, Link’s price is worth paying attention to at the moment as more positive rallies could surface in the upcoming days. And if a meltdown occurs, we can expect trading to remain in the tight range.

Link’s Key Levels To Watch

Source: TradingView

Chainink’s trend currently looks bullish on the daily chart. If the price increases significantly above the range, the short-term resistance levels to consider for a test would be $10.5, $12.3 and $13.

As the price currently sits at $9.5, a dip below it could bring the price to the $8.5 and $7.73 supports. Last week’s low of $7.13 would be the next level to watch as support if the price further nosedive.

Key Resistance Levels: $10.5, $12.3, $13.1

Key Support Levels: $8.5, $7.73, $7.13

  • Spot Price: $9.5
  • 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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