- Chainlink price prediction remains bullish above the 50-day EMA support level of $24.48.
- On Wednesday, the Chainlink has a bullish bias at 24.20, heading towards a 38.2% Fibonacci retracement level.
- Forex trading market participants should look for a buy trade above the $23.10 level with an initial target of $24.20 and $25.20.
On Wednesday, the Chainlink has a bullish bias at 24.20, heading towards a 38.2% Fibonacci retracement level. The day before, the LINK/USD was closed at $21.41 after placing a high of $24.35 and a low of $20.88. LINK/USD followed the market’s bearish trend and dropped for 3rd consecutive session on Tuesday to its lowest since 30th July. However, the Chainlink price prediction remains bullish above the 50-day EMA level of 24.20.
After hitting a high at $36, Chainlink resumed its downtrend, and analysts are predicting a trend reversal for the coin. Chainlink is offering its oracles for a smoother transition when the cryptocurrency projects are shifting towards decentralization and a multi-chain future.
Chainlink has approved Applied Blockchain
The LINK/USD has approved Applied Blockchain to build native support for one-click smart contracts on its network through its Community Grant Program. It will save a significant amount of time and resources while building Web3 applications by providing them with thoroughly tested one-click templates for deploying smart contracts. This development is anticipated to attract more smart contracts to the Chainlink ecosystem, and the increased utility of the Chainlink network boosted the demand for its native token LINK/USD.
However, recently, the cryptocurrency market and global financial markets saw a sudden crash in prices after the Chinese real estate giant Evergrande came closer to collapse. This month, the company showed incompetency in repaying its debts due to a lack of growth in contract sales and reduced liquidity and cash flows. The company is the largest indebted real estate company globally, with $300 billion in debts.
This news took a toll on global financial and stock markets, which also affected the cryptocurrency market. The leading digital asset bitcoin saw a massive sell-off in its prices on Tuesday, followed by other altcoins, including LINK/USD, and hence, the Ethereum-rival fell on the day and extended its loss.
Chainlink Daily Technical Levels
Pivot point: 22.21
Chainlink Price Prediction – Daily Technical Analysis: Can it Break Above $25?
The Chainlink price prediction remains bullish above the 50-day EMA support level of $24.48. The LINK price struggled to recover above the $25 resistance against the US dollar but failed.
On the bearish side, the LINK/USD’s support prevails at a $23.10 level that’s been extended by a 23.6% Fibonacci retracement level. Further on the higher side, the breakout of 38.2% Fibonacci retracement level can extend a buying trend until 50% Fibo levels of $25.21 level. Further on the higher side, the next resistance will prevail at the $26.25 level.
On the bearish side, a breakout of the $22.90 level extends the selling trend until the $20.85 level. Looking at the leading indicator, Stochastic RSI, it’s holding in a buy zone. Thus, the chances of a bullish trend dominate above the $23.10 level. The Forex trading market participants should look for a buy trade above the $23.10 level with an initial target of $24.20 and $25.20. All the best.
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