Chainlink rallied by 149% after the massive bitcoin price crash since March. This week, LINK gained more than 47% over the past hour with a strong purchasing volume. The price dropped by a dramatic 63% from March 11 to March 12 and reached $1.35. Since then, Chainlink rallied by 149% and we are reading more about the price analysis in the LINK news below.
The recent announcement for the new partnership with decentralizing giant Celsius and Fantom could be responsible for adding to the current excitement as previous partnership announcements boosted the price higher. The recent price gains are quite impressive and the current state of the Link charts shows that there could be more to come. Chainlink broke the $1.99-$2.30 range when the price took off and cleared the volume profile that was visible range high volume node and reclaimed the lost ground from the previous month’s price drop to $1.33.
The drop on March 12 led to the LINK price-cutting through the key supports in one candle so the traders can see the consolidation that occurred on March 19 all the way until April 5, matching the same price action from December and January when Link traded in the same price range. The price later stopped at $3.47 which is a point previously serving as support where Link was able to reclaim the $3.47 support level. Looking above $4.13, the next target could be $4.57 which means it is closer to the all-time high and the current move is looking over-extended.
The price could drop to $2.89 which is right above the 61.8% Fibonacci retracement and the high volume node on the VPVR so if the price level at $2.89 and $2.58 range fails to provide more support, a full retrace of the recent 47% gain could happen as the price drops back to $2.26. While it all looks good on the time frames, the 4-hour charts show that the altcoin is losing a bit of momentum as the moving average divergence convergence begins to roll over to the signal line. The strength index dropped from bullish territory to 66 as well.
When it comes to the coin’s performance against Bitcoin (BTC) and Ether (ETH), LINK has gained 32% and 16% respectively, highlighting the firmness of ETH as well as the weakness of BTC. This happened only a few weeks before a market shifting event is set scheduled.
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