ChainLink Price Analysis – Link Starts To Fall After 80% Price Surge During April – Will The Bulls Defend $3.00?

  • LINK dropped by around 3.5% over the past 24 hours of trading as the cryptocurrency falls into the $3.24 level.
  • The cryptocurrency met resistance at $3.66 4-days ago which caused the market to roll over and drop.

ChainLink has been falling over the past few days after managing to increase by a total of around 80% over the past month. The cryptocurrency started April off at the $2.20 level and went on to surge as high as $3.66 before the price increase stalled.

LINK is now trading at support provided by a .236 Fib Retracement at $3.15 and must remain above this for the bullish run to continue higher.

LINK Price Analysis

LINK/USD – Daily CHART – SHORT TERM

LINK/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above we can clearly see the 80% rise that started to take form as April started to trade. The cryptocurrency went on a rampage as the price for the coin increased from a low of around $2.20 to reach as high as $3.66. 

The resistance here was provided by a bearish .618 Fib Retracement level that was measured from the March high to the March low.

It has since rolled over but is still finding strong support at $3.15 which is provided by a .236 Fib Retracement level.

Short term prediction: BULLISH

LINK still remains bullish so long as it can stay above the $3.15 level. A drop beneath $3.15 would turn it neutral with a further drop beneath $3.00 turning it bearish.

If the sellers do break $3.14 and $3.00, added support lies at $2.85 (.382 Fib Retracement), $2.80, $2.60 (.5 Fib Retracement), $2.35 (.618 Fib Retracement), and $2.20.

On the other hand, the first level for the bulls to break lies at $3.40. Above this, resistance is located at $3.66 (bearish .618 Fib Retracement), $3.80, $4.00, $4.13 (1.272 Fib Extension), and $4.38 (1.414 Fib Extension level).

Key Levels

Support:$3.15, $3.00, $2.85, $2.80, $2.60, $2.50, $2.35, $2.20, $2.00, $1.80.
Resistance: $3.40, $3.60, $3.66, $3.80, $4.00, $4.13, $4.38.