LINK Technical Analysis: Price Is Above the First Fibonacci Pivot Resistance Level of $20.030

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Chainlink is a decentralized oracle-based blockchain network that provides reliable and tamper-proof inputs and outputs for multi-chain smart contracts. It provides a highly scalable and flexible infrastructure for the development of decentralized apps and smart contracts seamlessly. LINK is the prime governance token of this ecosystem. Let us look at the technical analysis of LINK.

Past Performance

On July 5, 2021, LINK opened at $19.278. On July 6, 2021, LINK closed at $20.58. Thus, in the past week, the LINK price has increased by roughly 15%. In the last 24 hours, LINK has traded between $18.321 – $20.507.

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Day-Ahead and Tomorrow

Currently, LINK is trading at $18.09. The price has decreased from the day’s opening price of $18.34. Thus, the market seems bearish.

The MACD and signal lines are positive.  Moreover, an increasing crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. We can expect the price to rise further.

Currently, the RSI indicator is at 67%. It faced rejection at 51% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the LINK price.

However, the OBV indicator has started rising steadily. Thus, buying volumes are higher than selling volumes. High buying activity will push the price up.

LINK Technical Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $20.030. It may soon increase above it and go above the Fibonacci pivot point of $20.678. If bears take control then, the price may decrease below the first, second, and third support levels of $19.695, $19.589, and $19.379, respectively.

The price may soon test and rise above the 76.4% FIB retracement level of $20.998. The price may further increase above the 61.8% FIB retracement level of $21.101 as well. Thus, as of now, the bulls seem strong. In that case, the price increase may continue today and tomorrow.

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