- summary:
- PRICE CHANINLINK was in the upward trend in a wider market recession. We discuss the contradictory situation and is likely to perform in the short term.
The price of Chainlink rose on Monday, when it was traded at $ 19.49 at the time of writing this report with daily gains of 4.4 %. The encryption currency was recently on a strong upward momentum, and rose by more than 6 % last week. However, it shares many common matters with the broader encryption market, after it decreased by 2.7 % on an annual basis.
A case for the high association price
The ecological system of ChainLink Oracle is its strongest muscle, and continues to draw a large number of institutions. Some of the major institutions on board include UBS Bank, Sony, Swift, Vodafone and Fedelity, among other things.
The $ 20.00 brand has been a major support level during the past ten weeks, and a return to this level may be important in creating a reflection. In addition, the average number of weighted moving size (VWMA) of LINK price is $ 20.60, and a break from the TET level will be achieved from the sustainability of the upward trend. The currency was its lowest level over the past week, indicating a hidden ascension.
Investors were ranging with caution in highly dangerous assets such as cryptocurrencies with interests related to the impact of the ecosystem of the tariff warfare. This is likely to have a bullish direction of Chainlink in the short term. According to Analytics, InTothheblock, the correlation price has a correlation of 0.97 with Bitcoin. Therefore, this increases the possibility of stronger momentum if the BTC price resumes a bullish direction.
ChainLink price prediction
Pivots Brice Sanelink at $ 19.32 and momentum prefers buyers to stay in control of this level. The initial resistance is likely to be at $ 19.77. However, the strongest momentum will break this level and may test the following resistance at $ 20.25.
Instead, the momentum will turn to the downside if the association price decreases to less than $ 19.32. This can witness the first support at $ 19.77, after which the listing of the upscale trend will be invalid. The control by sellers can test the second support at $ 20.25.
