Chainlink Price Analysis: LINK Marches Towards $3 And Recovers Against Bitcoin

  • LINK surged by a total of 10% over the past 2-days as it reaches $2.80.
  • It has now reached resistance at the 100-days EMA as it sets its sights to head above $3.00.
  • Against Bitcoin, LINK has also surged as it climbs from 0.00033 BTC to reach 0.00038 BTC.

Key Support & Resistance Levels

LINK/USD:
Support: $2.75, $2.60, $2.40.
Resistance: $2.80, $3.00, $3.17.
LINK/BTC:
Support: 0.00036 BTC, 0.000345 BTC, 0.00033 BTC.
Resistance: 0.000385 BTC, 0.0004 BTC, 0.00042 BTC

LINK/USD: Chainlink surges Into 100-days EMA Resistance

LINK ended March by rebounding at the $2.20 support level as it started to climb higher. Over the past 2-days, it managed to rise above the 200-days EMA and break resistance at $2.74 (bearish .382 Fib Retracement) to reach the current resistance at $2.80 – provided by the 100-days EMA.

Once the 100-days EMA is cleared, the cryptocurrency could be able to head further higher above $3.00 and regain more of the March 2020 losses.

linkusd-apr8
LINK/USD. Source: TradingView

LINK-USD Short Term Price Prediction

Above $2.80, the first level of resistance lies at $3.00 (1.272 Fib Extension). Following this, resistance lies at $3.17 (bearish .5 Fib Retracement), $3.33 (1.618 Fib Extension), and $3.60 (bearish .618 Fib Retracement).

Toward the downside, support lies at $2.75, $2.60 (200-days EMA), and $2.40.

The RSI has risen above the 50 level as the buyers dominate market momentum. If it can continue to remain at these heights, LINK will certainly be able to breach $3.00.

LINK/BTC: ChainLink On The Road To Recovery

Against Bitcoin, LINK managed to rebound from support at 0.00033 BTC to reach as high as 0.000385 BTC today. It ran into resistance provided by a bearish .236 Fib Retracement and is currently involved in a battle to break above here.

If LINK can continue above 0.00042 BTC, it will turn bullish against Bitcoin and be well on the road to recovering from the March 2020 price collapse.

linkbtc-apr8
LINK/BTC. Source: TradingView

LINK-BTC Short Term Price Prediction

The first level of resistance above 0.000385 BTC is located at 0.0004 BTC. Above this, resistance lies at 0.00042 BTC (bearish .382 Fib Retracement), 0.000448 BTC (bearish .5 Fib Retracement), and 0.00046 BTC.

Toward the downside, support lies at 0.00036 BTC (100-days EMA), 0.000345 BTC, and 0.00033 BTC.

The RSI has also climbed above 50 here to show the buyers taking control of the market momentum. It has room to continue much higher, which suggests the LINK price hike has only just begun.

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Source: Crypto Potato