ChainLink’s Long-Term Uptrend Doesn’t Show Any Signs of Weakness

ChainLink’s Long-Term Uptrend Doesn’t Show Any Signs of Weakness

Published: March 12th, 2021

Weekly chart

LINK/USDT Weekly Technical Analysis 12 Mar 2021

On the weekly logarithmic chart, the ChainLink coin undergoing a massive uptrend, which does not show any signs of a correction down or a reversal. Between September - December 2020, the price has formed a double bottom near the $9 psychological level. After which it went up and broke above the previous resistance area formed near $20, which is yet another psychological level.

This breakout just confirmed that bulls are still in full control and the uptrend has a high probability of continuation. One month ago price has found at the top at $36.93 and corrected down sharply. But the correction ended right at the previous level of resistance, which is now obviously acting as the support. The $20 support was rejected along with the average-price uptrend trendline, suggesting further buying pressure.

Based on the 127.2% Fibonacci retracement level applied to the most recent pullback, the nearest and closest resistance is located at $41.20, which also corresponds to the resistance uptrend trendline. It might literally take one week for the price to rise from $30 to $40 area. If/when the resistance will get broken, further upside move can be expected in the long run.

2-day chart

LINK/USDT 2-day Technical Analysis 12 Mar 2021

Even on the 2-day chart, the price has bounced off the average-price uptrend trendline. Prior to that LINK formed support at $8.52, which got rejected twice. This is actually a 61.8% Fibonacci retracement level, and it was respected by the buyers. When price attempted to break below the Fibonacci support for the second time, back in December 2020, LINK/USDT has reached and cleanly bounced off the 200 Exponential Moving Average, after which a new higher high has been printed. All-in-all, the trend is extremely bullish and at this point, there are absolutely no signs that it is about to reverse down.

16-hour chart

LINK/USDT 16-hour Technical Analysis 12 Mar 2021

On the 16-hour chart, we can see that the uptrend trendline was also rejected, along with the 50 EMA. There were few spikes produced below the EMA, although no definitive break and close below has been produced. Right now, the price is above both Moving Averages, 50 and 200 periods. This validates the uptrend and considering that LINK is currently trading near the 23.6% Fibonacci support at $29.17, it would be reasonable to assume that the uptrend is about to continue. Besides, a few days ago, ChainLink cleanly bounced off the 50 EMA, suggesting that the uptrend is about to continue. But obviously, for this scenario to become the reality, daily closing prices must remain above the $28.55 support.

4-hour chart

LINK/USDT 4-hour Technical Analysis 12 Mar 2021

On the 4-hour chart, the price has been forming a triangle pattern after it broke above the downtrend trendline. This has been a consolidation phase that is ongoing for a 2-week period now. From the other perspective, this is not consolidation but a slowly moving uptrend, because the price is producing higher highs and higher lows. It can be seen, that back on March 8, LINK bounced off the previous area of resistance near $27.44 and cleanly rejected the 200 EMA. During the past 48hours, the price has been trading near $30 support, which also previously acted as the resistance.

It could be that the uptrend will continue from this point onwards, but at the same time, bears might attempt to produce the spike below the $27.44 before/if the uptrend will take place. But as long as the $27.44 support is being respected, bulls will remain in control. While expecting the uptrend, few upside targets should be considered. The nearest is obviously the precious high at $36.9, while the second, as already has been mentioned is at $41.31.

1-hour chart

LINK/USDT 1-hour Technical Analysis 12 Mar 2021

Finally comes an hourly chart, where the price has bounced off the uptrend trendline as well as 200 EMA. Since then LINK/USDT broke above the downtrend trendline, suggesting the continuation of the bullish trend. Based on the Fibonacci cycles, the uptrend could be ending on March 15, which is just 3 days away. It means that the uptrend could be relatively fast and the $41.31 resistance might not be the end of a trend. Speaking about the resistance, on this chart, it corresponds to the top of the extended ascending channel as well as the Fibonacci cycle. It makes it an important time and price for the ChainLink in the coming days.


Along with multiple other Altcoins, the ChainLink is still in a bullish phase. Currently, the price is trading near the demand zone, which might result in the beginning of an uptrend within the next 24 hours.

Upside targets

As per the weakly chart, the key resistance is located at $41.31, which is a 127.2% Fibonacci retracement level. But at the same time previous high at $36.93 can not be ignored, and must be watched for either a rejection or a break higher.

Probability of downtrend

As per the 4-hour chart, the key support area is located near $27.44. As long as daily closing prices remain above, the trend should be considered strongly bullish. But daily break and close below this level will immediately invalidate bullish outlook and in this case, the stronger pullback can be expected.

Support: 29.33, 27.44

Resistance: 36.93, 41.31

Show Results