Chainlink Price Analysis – May 31
Chainlink clears above the 9-day moving average but the recovery may not be extended above the resistance level of $35.
Resistance levels: $38, $43, $48
Support levels: $20, $15, $10
LINK/USD is currently hovering above the 9-day moving average. The technical indicator Relative Strength Index (14), for instance, is currently moving near the 50-level since yesterday. The buyers seem to be gaining traction due to enough trading volume that is needed to sustain gains to $29. Meanwhile, the more the price delays the spike above $30, the stronger the sellers become.
Chainlink Price Analysis: Chainlink Breakout Seems Sustainable
The technical indicator could continue the bullish session in the next few trading days. It is, however, not clear how long the session will last because, since the beginning of this month, the bullish sessions have been frequent. Therefore, it is important to watch the resistance levels coupled with the movement of both technical indicators RSI (14) and the Moving Averages.
On the downside, a bearish movement below the 9-day moving average may bring back the short-term selling pressure while the next supports may come at a psychological $20, $15, and $10. Meanwhile, any further bullish movements across the 21-day moving average may hit the next resistance at $38, $43, and $48 levels
LINK/BTC Market: Bulls Are Warming Up
By comparing with Bitcoin, the LINK price is hovering above the 9-day and 21-day moving averages, currently trading at 8048 SAT. However, looking at the daily chart, if LINK/BTC makes a clear cross towards the upper boundary of the channel, traders can now say the bulls have come back fully into the market.
Meanwhile, if the market drops below the 9-day and 21-day moving averages, the next key supports could be at 6500 SAT and below. On the bullish side, an additional bullish trend could push the market price to the resistance level of 9700 SAT and above. Similarly, the daily Relative Strength Index (14) reveals that the market may continue the uptrend if the signal line remains above 50-level.