Chainlink (LINK) is an Ethereum token that powers the Chainlink decentralized oracle network. This network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems. Past Performance of LINK The opening price of LINK was $26.86 on February 11, 2021. The closing price of LINK as of February 17, 2021, was $32.23. Thus, the LINK price has surged by approximately 20%. Hence, the past week has been positive for Chainlink (LINK). In the last 24 hours, LINK traded between $31.42-$33.60. https://ift.tt/3beztd3 How Technicals Look for Tomorrow LINK opened at $32.22 today. Presently, it is trading at $32.62. Hence, the price has risen but at a lower rate. For the past few hours, the LINK price was trading closer to the lower Bollinger band. This implies large-scale sell-offs by whales. But, since the last few minutes, the price is closer to the upper Bollinger band. It has also moved above the 20-day SMA. Thus, increasing demand will exert upward pressure on the price. The OBV and A/D lines are rising and show higher whale accumulations. Thus, buying activity is high. There is positive divergence. Thus, we can expect the price to go up. Presently, the RSI indicator is at 55%. It went deep into the oversold territory a couple of hours back. This implies heavy offloading by whales. Thereafter, the RSI started rallying. It faced rejection twice at the 50% mark but now has managed to break out of it. Thus, we can expect the price uptrend to continue. The MACD and signal lines are negative but very close to the zero line. Soon they will crossover the zero line from below and turn positive. A bullish crossover by the MACD line over the signal line points to a trend reversal. The market momentum will turn bullish soon. The AO indicator has been negative since morning giving bearish signals. But, it has turned positive just now, and ‘buy’ signals are becoming stronger. Thus, the price is likely to rise. The Aroon indicator also shows a positive market momentum. The ‘Aroon up’ line has crossed above the ‘Aroon down’ line. However, the ADX indicator is downward sloping. This means that the bullish momentum hasn’t gained enough strength yet. Right now, the price is very close to the Fibonacci pivot point of $32.41. We can expect the bull-run to continue tomorrow, if and only if, the price is able to break out of the first and second Fibonacci pivot resistance levels of $33.24 and $33.76 respectively. The price is facing stiff resistance at the 38.2% FIB retracement level of $32.77. We can expect the price to break out of this level in some time. If it crosses the 23.6% FIB retracement level of $33.08, by today, then the uptrend will continue tomorrow as well.
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