hainlink Price Analysis – November 5
The Chainlink price is up by more than 7% in the past 24 hours, hitting a new daily high at $33.71 level.
Resistance levels: $36, $38, $40
Support levels: $28, $26, $24
At the time of writing, LINK/USD is see as part of the cryptocurrency that are doing tremendously good in the market. Since late last month, LINK/USD has seen large gains from a low of $21 to the current high at $33 today. Obviously, because this is a new daily high in the new month, the bulls may likely push the coin above the upper boundary of the channel.
Chainlink Price Analysis: What Could Be the Next Direction?
From a technical perspective, LINK/USD is in the hands of the bulls as the technical indicator Relative Strength Index (14) supports the bullish action with its cross above 60-level. At the time of writing, buyers may be facing the important $35 resistance level and aiming to hit the potential resistance levels at $36, $38, and $40 in the near future while the supports could be located at $28, $26, and $24 respectively.
LINK/BTC Market: Bulls Are Likely to Keep the Price Upwards
Comparing with BTC, the market price is seen moving above the 9-day and 21-day moving averages and within the channel where the price is expected to break above the upper boundary of the channel. However, if the price breaks above the channel, the LINK price may continue to experience an upward trend that could touch the potential resistance at 6000 SAT and above.
Meanwhile, if the Chainlink price crosses below the moving averages, the coin may likely reach the support at 4500 SAT and below. However, the technical indicator Relative Strength Index (14) confirms that the market is facing the north as the signal line moves to cross above 60-level, suggesting more bullish signals in the nearest term.