LINK Likely to Breach $24.50 by Tomorrow
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LINK Likely to Breach $24.50 by Tomorrow

January 28, 2021      Ankita Awasthi

After a bearish start to the week, LINK prices gained a bullish momentum on 25th January, reaching a price of $18.83. Thereafter, prices started falling and closed at $21.01 on 27th January. However, in the past month, the overall trend has been bullish.

Past Performance of LINK

In the last 24 hours, LINK traded in the range of $20.27-$24.39. As per experts, the adoption of oracles will enable LINK prices to grow at a faster rate in the long run.

LINK Price Analysis

https://www.tradingview.com/x/lBT7pFBM

Price Predictions for the Day-Ahead and Tomorrow

Both the A/D indicator line and prices are on an upswing. This means accumulation or buying pressure is more. The more the demand for the cryptocurrency, the higher will be the price. So, the A/D line is implying a bullish trend.

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The OBV indicator is rising too. This indicator too is confirming higher demand. So prices will rise implying an uptrend.

The RSI indicator is facing a strong rejection at 70%. But still, LINK prices managed to go past this mark. This further confirms higher buying pressures. The crypto is being overbought or overvalued. A price correction can occur and the trend may reverse. But, currently, the RSI is also giving credence to an uptrend.

The AO indicator has crossed above zero and is currently positive. This indicates a bullish buying opportunity.

The MACD and average lines are lying above zero. In short, they are positive. Moreover, the MACD line is continuously cutting above the average line indicative of strong bullish momentum.

Since all the indicators have given bullish signals, there is no doubt that LINK prices will rise further. If the price can break out of the first resistance level of $25.24 (23.6% FIB retracement level), then a bull is confirmed.

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Currently, it is trading at $24.39. The price is struggling to go past $24.50. But, with bullish signals from all indicators, we can be hopeful that LINK prices will definitely breach the resistance level by tomorrow. A price pullback looks unlikely as of today.

#Chainlink #LINK
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.