Key Takeaways

  • Chainlink’s price is up more than 20% over the past 24 hours.
  • Despite the significant gains incurred by the coin, LINK must slice through the $24 resistance to advance further.
  • Failing to do so may generate panic among investors, leading to a steep correction towards $17.

Share this article

While Bitcoin and Ethereum seem at risk of a painful correction, Chainlink (LINK) has been able to rebound over the past 24 hours. It now faces stiff resistance that will determine where prices go next.

Chainlink’s Uptrend Depends on Resistance

Chainlink’s 100 four-hour moving average kept the coin’s uptrend intact over the past two weeks. Every time that LINK has retraced towards this indicator since Jan. 11, a significant rejection occurs, pushing prices towards higher highs.

More recently, the cryptocurrency fell by 21.50% after reaching a new all-time high of nearly $26. As prices sliced through the 50 four-hour moving average, the 100 four-hour moving average acted as stiff support, allowing Chainlink to rebound.

By bouncing off this crucial hurdle, LINK regained lost ground and rose towards the $24 resistance barrier.

LINK/USD on TradingView

On the way up, the parabolic stop and reverse (“SAR”) moved below Chainlink’s price, indicating that the trend’s direction had changed from bearish to bullish once again.

Historically, the stop and reverse system has been highly effective in determining the course of LINK. The last two times that the parabolic SAR flipped within the 4-hour chart, LINK’s price surged by 25.50% and 25.70%, respectively. Therefore, the recent flip over suggests that Chainlink is primed for further gains.

The moving average convergence divergence, or MACD, adds merit to the optimistic outlook. MACD, which follows the path of a trend and calculates its momentum, also turned bullish within the same time frame. As the 12 four-hour exponential moving average crossed above the 26 four-hour exponential moving average, the odds for higher highs increased significantly.

Chainlink US dollar price chart
LINK/USD on TradingView

Still, Chainlink faces a significant resistance barrier ahead that it must overcome before it can advance further.

Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, nearly 3,400 addresses had previously purchased roughly 1.6 million LINK at an average price of $24.

This supply barrier may have the ability to absorb some of the buying pressure seen recently. Holders with investments that are underwater might try to break even on their positions, slowing down the uptrend. But if Chainlink can slice through this level, it would likely climb toward a new all-time high of $28.

In/Out of the Money Around Price by IntoTheBlock
In/Out of the Money Around Price by IntoTheBlock

IOMAP cohorts reveal that the 100 four-hour moving average remains a critical area of support. Approximately 7,200 addresses are holding nearly 14 million LINK between $21.70 and $22.40.

Only a 4-hour candlestick close below this demand zone can jeopardize the bullish outlook. Under such circumstances, Chainlink will drop towards the 200-four-hour moving average at $16.50.

Disclosure: At the time of writing, this author held Bitcoin and Ethereum.

Share this article


  1. I’m extremely inspired with your writing abilities and also with the format in your
    weblog. Is this a paid topic or did you modify it your self?
    Either way keep up the nice quality writing, it’s uncommon to peer a nice weblog like this one today..

  2. hello!,I like your writing so a lot! share we keep up a
    correspondence extra about your post on AOL? I require an expert
    in this area to resolve my problem. Maybe that’s you!

    Looking forward to see you.

  3. Hi there Dear, are you genuinely visiting this website
    on a regular basis, if so afterward you will definitely obtain good know-how.

  4. I’m extremely pleased to uncover this great site.
    I need to to thank you for your time for this particularly wonderful read!!
    I definitely savored every little bit of it and
    I have you saved as a favorite to check out
    new things in your site.

  5. Hey! I know this is kind of off topic but I was wondering which blog platform are you using for this website?

    I’m getting sick and tired of WordPress because I’ve had
    problems with hackers and I’m looking at options
    for another platform. I would be awesome if you could point me in the direction of a good platform.

  6. Hi there, I found your blog by the use of Google whilst
    looking for a similar subject, your site came up, it seems to be great.
    I have bookmarked it in my google bookmarks.
    Hello there, simply became alert to your blog via Google, and located that it is truly informative.
    I’m going to watch out for brussels. I’ll be grateful for those who proceed this in future.
    Lots of folks will probably be benefited out of your writing.

  7. I think this is among the most vital info for me.
    And i’m glad reading your article. But should remark on some general things, The web site style is perfect,
    the articles is really nice : D. Good job, cheers

  8. Hmm is anyone else having problems with the images on this blog loading?
    I’m trying to find out if its a problem on my end or if it’s the blog.
    Any responses would be greatly appreciated.

  9. Your style is so unique compared to other people I have read stuff from.
    I appreciate you for posting when you have the opportunity,
    Guess I’ll just bookmark this web site.

  10. I every time spent my half an hour to read this website’s posts everyday along
    with a cup of coffee.

  11. Have you ever considered writing an e-book or guest authoring on other sites?

    I have a blog centered on the same ideas you discuss and would really like to have
    you share some stories/information. I know my viewers would appreciate your work.
    If you’re even remotely interested, feel free to shoot me an email.
    scoliosis surgery scoliosis surgery

  12. With havin so much content and articles do you ever run into any problems of plagorism
    or copyright violation? My website has a lot of completely unique content I’ve either created myself or outsourced but it appears a lot of it is popping it up all over the internet without my authorization. Do you know any ways to help reduce content from being ripped
    off? I’d certainly appreciate it. quest bars quest bars

  13. Hey there just wanted to give you a quick heads up.

    The text in your post seem to be running off the screen in Chrome.
    I’m not sure if this is a formatting issue or something to do with
    internet browser compatibility but I figured I’d post to let you know.
    The layout look great though! Hope you get the problem resolved soon.
    Thanks scoliosis surgery scoliosis

  14. Today, while I was at work, my cousin stole my apple ipad
    and tested to see if it can survive a 25 foot drop, just so she can be a youtube sensation. My apple ipad is now broken and she has 83
    views. I know this is totally off topic but I had to share
    it with someone!

  15. Terrific article! That is the type of info that
    should be shared across the web. Shame on the seek engines for now not
    positioning this publish higher! Come on over and seek advice from my website .
    Thank you =)

  16. Link exchange is nothing else except it is only placing the
    other person’s blog link on your page at appropriate place and other person will also do same for you.


Please enter your comment!
Please enter your name here