Market Analysis

CHAINLINK PRICE ANALYSIS & PREDICTION (October 28) – Links Advances Surges As It Breaks Significantly Out Of Range, Possible Retest In Play

Chainlink’s price appeared to have entered an overbought zone following a 50% rally in a week. It rejected $12 this week and remained calm ever since. Buying may be suspended if the price further retraces in the next few days.

Link’s price dropped to as low as $4.76 while trading in a long tight range of $5.5 and $9.5 for 15 months. But it later re-established support at $5.7 and posted an impressive gain following a sudden recovery that hit the entire crypto space.

However, it managed to get out of the hook after trading inside that mentioned range for months. Meanwhile, this upsurge was triggered after taking off from the low of $7.2 in the past week to the high of $11.8 this Wednesday – marking its highest level since May 2022.

It encountered resistance there and dropped briefly. Since then, the asset has been finding it difficult to advance higher due to multiple price rejections over the past six days. 

Looking at the daily candle formation, Link appeared to be nearing an exhaustion point on the daily chart. Although it may sustain this momentum for a while if the volume inflow is enhanced.

Currently, the price looks extremely overbought in the lower timeframe. But on the higher time frame, there’s more room for gains if the price continues to surge daily.

Link’s Key Levels To Watch

Source: TradingView

If Link manages to close this week above the $11.8 resistance level, we may see more buying towards $12.3 (marked as May 2022 resistance) and $13.1. The main target level for short-term buying lies at $17.

In case of a drop, the closest support levels to watch out for are $10.6 and $10. The lower support level for a test is $9.5. A drop below this support could bring the price back inside the range.

Key Resistance Levels: $11.8, $12.3, $13.1

Key Support Levels: $10.6, $10, $9.5

  • Spot Price: $11.1
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.