In today’s technical analysis, Chainlink is a decentralized network that provides trustworthy, hack-free inputs and outputs for smart contracts on any blockchain. Users can also build robust and globally connected smart contracts on the Chainlink platform. LINK is the main native token of this ecosystem. Past Performance On March 26, 2021, LINK opened at $25.69. As of April 1, 2021, LINK closed at $30.08. Thus, in the past week, the LINK price has surged by roughly 17%. In the last 24 hours, LINK has traded between $29.31-$31.12. https://ift.tt/3fx07S8 Days-Ahead and Tomorrow Currently, LINK is trading at $30.12. The isn’t a significant change from the opening price of $30.08. However, overall the market seems positive. As of now, the A/D indicator has started declining slowly. However, whale accumulations are still on the higher side. This implies that the price will rise further but after some time when selling pressures become strong, we can expect a price pullback. The MACD and signal lines are in the positive region. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, a price pullback may be on the anvil. At present, the RSI indicator is at 52%. It faced rejection at 60% indicating that selling pressures are increasing. Thus, as the RSI keeps falling, we can expect a price pullback. LINK Technical Analysis As per technical analysis, the price is below the Fibonacci pivot point of $30.16. As most of the indicators are showing a price pullback, we can expect the price to fall below the first support level of $29.47 soon. The price has tested and fallen below the 38.2% FIB retracement level of $30.43. It may soon test and fall below the 61.8% FIB retracement level of $30. If by day end, the price falls below the 138.2% FIB retracement level of $28.62, then probably a downtrend has set in. In that case, the price downswing might continue tomorrow as well.
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