Last May was the time when Chainlink came into the limelight and to the top of global rankings, as it had engaged in an aggressive bull rally, which since then became a characteristic feature of this cryptocurrency for the decentralized oracle service. However, steep corrections are also inherent to LINK as the price keeps on being pulled down to the same level at $1.7, which now serves as long-standing support. Therefore, despite the overall positive outlook regarding this coin and its immense potential for gains, we would refrain from putting Chainlink in an absolutely bullish framework because its price behavior is still slightly erratic, and very volatile in both directions, as the massive highs are consistently being followed by the equally deep troughs. But out of all top altcoins, LINK is the most promising one, and surely a clear candidate for replacing Litecoin, and perhaps Bitcoin Cash and Bitcoin SV, at the very top of the ranking table.
When analyzing the 1-year LINK/USDT chart, we established three crucial levels with which the price has been actively interacting since LINK’s emergence on the big scene: $1.7, $3.06, and $3.73. These are the magnet zones towards which the price has been pulled during the last twelve months.
1-year LINK/USDT chart
Right now, staying above $3.73 is of the essence for Chainlink because, in doing so, it would establish a foundation for the move above $4.7, its greatest achievement so far, and in the direction of the new all-time high. At the moment, the coin seems to be coping with that task quite well, being priced at $3.97, as of the time of writing. But, as we have already noticed, LINK displays proclivity to making deep troughs after each substantial price appreciation, so the possibility that the price would become bearish in the coming two-three weeks must not be disregarded. Even if Chainlink would go above $4.7 and establish a new high, we expect that the price would ultimately retrace back to the area between $$3.8 and $4.1.
The moving averages profile is bullish, with particular emphasis being placed on the trend-setting 99-day EMA and 200 EMA. These moving averages are currently heading northward with the price staying above them, a clear sign that at this particular moment, the bulls are having their say in that specific market. The bullish notion is also supported by the fact that MACD has been above the zero line since the middle of April. But the very same MACD shows a worrying sign for those who plan to enter a long trade.
Notice how the indicator went bearish right after the price penetrated the resistance at $3.73 for the second time, all the way through to the price level at $4.1, whereas the price made a new high. The MACD divergence isn’t considered a reliable trading signal in itself, but when combined with a similar divergence on the 14-period RSI, which began to emerge even earlier, back when the price was testing the support at $3.06, it raises concern.
This is the first time when such clear-cut divergences emerged simultaneously on both indicators, the factor that influenced our prediction, in accordance to which we expect a significant pullback in the coming days that will take Chainlink below the 99 EMA and quite possibly, to the support at $3.06, thus marking a 23% negative move from LINK’s current position - the move below that level is improbable. The rise to $4.5 - $4.7 would mean the cancelation of the bearish scenario and the reviviscence of bullish agenda.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||64%||76||$61 147.24||-2.67%||-0.74%||$1 152 718 704 345|
|2||ETH||Ethereum predictions||69.6%||57||$4 029.86||-2.02%||4.61%||$475 677 778 716|
|3||BNB||Binance Coin predictions||68.8%||60||$481.60||1.27%||1.41%||$80 332 185 360|
|4||ADA||Cardano predictions||91.2%||12||$2.16||-0.04%||-3.09%||$71 091 086 342|
|5||USDT||Tether predictions||91.2%||1||$1.000237||0.02%||0.07%||$69 590 628 695|
|6||SOL||Solana predictions||71.6%||54||$202.10||1.16%||26.89%||$60 797 297 002|
|7||XRP||XRP predictions||71.2%||50||$1.092260||-0.94%||-4.39%||$51 277 603 422|
|8||DOT||Polkadot predictions||65.2%||79||$44.18||0.96%||-0.22%||$43 626 505 854|
|9||USDC||USD Coin predictions||91.6%||1||$1.000378||0.03%||0.06%||$32 426 749 540|
|10||DOGE||Dogecoin predictions||72.8%||56||$0.245727||0.39%||2.83%||$32 386 919 029|
|11||LUNA||Terra predictions||67.6%||65||$43.04||4.35%||15.63%||$17 285 663 397|
|12||UNI||UniSwap predictions||74%||47||$25.76||-2.42%||-1.23%||$15 753 060 976|
|13||AVAX||Avalanche predictions||66%||65||$68.24||5.67%||20.76%||$15 031 739 762|
|14||WBTC||Wrapped Bitcoin predictions||62.4%||75||$61 173.53||-2.64%||-0.70%||$13 525 040 631|
|15||LTC||Litecoin predictions||70.8%||57||$193.37||-2.94%||1.12%||$13 305 271 155|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.