Connect with us


Chainlink Price Analysis: 11 February



Source: Pixabay

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Chainlink’s price has been on the rise since the start of the week. In fact, this has been the trend across the larger crypto-market lately, especially on the heels of Bitcoin’s bull run. Interestingly, even after having risen by over 11 percent, LINK may now be heading towards a trend reversal, one which may result in a slight correction on the charts. 

At press time, LINK was being traded at $28.1 with a registered market cap of over $11 billion, making it the 9th-largest cryptocurrency in the market.

Chainlink 4-hour chart 

Source: LINK/USD, TradingView

According to the 4-hour chart for LINK, the coin has been trading within the confines of an ascending channel since the start of the month. In the short-term, this may result in a minor price correction as the breakout of an ascending channel formation is often in the bearish direction. 

The coin was enjoying a strong resistance level in the $27-$28 range and if the price fails to go past this level, the coin may retrace towards the support at $25.7.


Chainlink’s price may soon see a price correction in the short-term if the resistance remains strong. The RSI indicator had moved away from the overbought zone momentarily and at press time, was retracing its steps back into the overbought zone. 

Further, the MACD indicator witnessed a bullish crossover at the start of the week, but at press time, showed that there was a slightly higher chance that it may soon register a bearish crossover as the Signal line was close to going past the MACD line.

Important levels to watch out for

Resistance: $27.7, $28.6

Support: $25.7, $23.7

Entry: $27.9

Take Profit: $26.2

Stop Loss: $28.3

Risk/Reward: 3.9


After having traded within an ascending channel formation, LINK’s breakout may be slightly bearish if it fails to go past the key range of resistance highlighted on the chart. In such a scenario, the crypto may head towards the support at $25.7 in the coming days. However, if the range is breached, the coin may continue to head upwards, with LINK likely to flip the resistance into a strong support for the cryptocurrency. 

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.