- Chainlink price prediction now uncertain as most altcoins ignore Bitcoin’s bull run
- LINK/USD still stuck within a tight range of $12.50 and $14.50
- LINK must break $14.50 resistance to close above $15.00
Chainlink has risen approximately 679 percent this year, and the massive returns overshadow other altcoins by a considerable margin. Despite the recent surge in Bitcoin, altcoins have not yet restarted their upward journey. Similarly, the hourly charts of LINK/USD are still way off from annual highs. Usually, altcoins follow Bitcoin bull run after a few days gap.
At the time of writing, LINK/USD is trading at $13.440. The pair was one again rejected from the $14.50 resistance which is proving to be a significant hurdle in the next bull run. The overall sentiment of the crypto realm is positive, and there is no negative news which can affect altcoins so far. As LINK approaches the weekend, Chainlink price prediction depends on how the pair reacts to BTC’s massive surge towards $22,000.
Chainlink price movement in the last 24 hours – Uncoupled from BTC movement
Both Chainlink and Polkadot are trading near the upper end of the ascending price channel. As traders look towards more altcoins beyond Bitcoin, the price of various altcoins will react accordingly. The United States Federal Reserve decision to extend its policy of low-interest rate will eventually feed alternate asset realm due to us dollar weakness.
The stimulus program further proposes $120 billion in aid. Such developments are bound to increase the negative sentiment around the US dollar and contribute towards its weakness. Also, the rising interest of institutional investors in the crypto realm will further fuel altcoin rally. Initially, significant coins such as Bitcoin and Ethereum will experience bull run which will later percolate into altcoins.
In the past 24 hours, Chainlink price prediction has been in line with the above fundamentals. As Bitcoin touches fresh new highs, the altcoins are waiting for their turn. Historically, the pattern has proven true and can be corroborated for this year as well. Most of the consolidation phases have ended up as accumulation stages for the bulls.
LINK/USD 4-hour chart – Oscillating within a tight range
Chainlink price prediction is now once again stuck within a tight range after touching the upper Bollinger Band. The mild bullish push towards $14.50 was rejected once again as sellers intensified the pressure near the upper resistance. The range between $14.50 and $12.50 is proving to be a stagnant phase as the pair heads towards the weekend.
In the last 36 hours, the price has surged 32 percent and then moved down into the Bollinger Bands. The bearish triangular pattern is emerging strong on the hourly timeframes. The price channel is no more ascending on the hourly charts but is rather sloping upwards with a neutral bias. The technical indicators are painting a realistic picture, as well.
The RSI stands at 55 after rising to 72 yesterday. Today’s sharp drop comes after price suffered heavy selling at $14.50 resistance. MACD is reaching a cross over the stage, which can turn the entire Chainlink price prediction negative. The price is still far from lower support at $11.42 and won’t touch those lows barring an extended selling spree over the weekend. The daily RSI is on the higher sloping channel sparking hopes that the long-term bull run is still intact.
Chainlink price prediction conclusion – Bulls are still awaiting accumulation signal
At the time of writing, the hourly chart of LINK/USD is slowly slipping into the negative zone as the price corrects below $13.27. In the recent past, the price has been well supported by $13.00 support as bulls have defended any excessive selling attempts by the bears. The technical indicators are entering the deep red territory and signalling further correction over the weekend in Chainlink price prediction.
The large red candles further confirm the triangular bearish pattern on the 4-hour chart. The price is sliding fast towards the 9-day simple moving average at $13.10. If the price breaks below the SMA, it can drop to $12.50 support by tomorrow’s close. Bulls must gather volumes to build a defence near $13.00 support. It remains to be seen if the Chainlink price prediction of following BTC bull run comes true this time as well.
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