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Over the past 48 hours, Chainlink’s price movement has been subjected to a massive price surge, reflecting the recovering crypto market. At the time of writing, the crypto asset is exchanging hands at around $35 with minor resistance levels ahead. The Chainlink price could potentially skyrocket towards the $40 region.

LINK Price Prediction: General price overview

According to Chainlink’s daily chart, it appears that it is the right time to buy the crypto asset as the TD Sequential indicator flashes a buy signal. This is clear as the technical indicator has formed a red nine candlestick on the cryptocurrency’s daily chart. At the time of writing, Chainlink appears to have managed to bypass the 50 percent Fibonacci retracement level at $35.

Additionally, the In/Out of the Money Around Price (IOMAP) technical indicator shows Chainlink has only one resistance region between the $35 and $37 price region. Here, more than 6,000 Chainlink holders have more than 12 million tokens. A price surge past this region should quickly push the crypto asset towards the $36 to $40 price regions. This is roughly 61 percent of the crypto’s Fibonacci retracement level.

LINK price movement in the past 24 hours

LINK price prediction: Chainlink aims for $40 with critical indicators sending buy signals 1
Source: TradingView

Initially, the 30-day ratio of the market value to realize value (MVRV) highlights the average profit or loss of Chainlink traded in the last month. According to this technical indicator, Chainlink currently enjoys being in the buying area, giving bulls a lot of latitudes to buy before the crypto coin turns bearish.

According to the 24-hour price movement, Chainlink is currently hovering within a parallel descending pattern. This channel is derived by linking the lower lows and highs using 2 parallel trend lines. Additionally, the daily chart shows Chainlink is likely to face resistance at the $35 price region where the 50 and 100 Simple Moving Average converge. Failing to beat this critical resistance level could then push Chainlink’s price downwards towards the $28 region.

LINK 4-hour chart

LINK price prediction: Chainlink aims for $40 with critical indicators sending buy signals 2
Source: TradingView

With the crypto market recording a significant recovery from last week’s price plunge, Chainlink appears to be breaking away from its immediate resistance level at $32. By trading around the $34 region, Chainlink seems safe from entering the oversold region. In fact, the crypto asset is now showing signs of entering the overbought territory. This might push the crypto asset into recording further positive price movements.

Additionally, Chainlink’s MACD line (blue) is hovering way above the signal line, indicating a bullish crypto coin. And with the RSI settling at 53, Chainlink appears poised for further upward price movements.

Conclusion

The current Chainlink’s price movement is dealing with a rigid price range. Considering the current instability in the market, Chainlink’s bullish momentum might experience a price retraction that might push it towards the $30 region. A rise in market instability might spell good news to the crypto asset as it might assist Chainlink in bypassing the immediate resistance level and push it in settling above it.

Source: cryptopolitan.com

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