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Chainlink Technical Analysis: Eyes on November High

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Chainlink Technical Analysis – The LINKUSD pair approaches the November high, particularly the 16.51 mark, as evident on the daily chart. The examination of the LINKUSD daily chart reveals that there is still some room for the Relative Strength Index (RSI) indicator to reach the overbought territory. This suggests that the bullish market momentum for Chainlink is not yet at its peak.

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FxNew – CHAINLINK Technical Analysis – Daily Chart

To gain a more thorough understanding of Chainlink technical analysis, it’s beneficial to also examine the LINKUSD price movements on the 4-hour chart.

Chainlink Technical Analysis: LINKUSD 4H Chart

FxNews – Here, we can see that the LINKUSD pair is currently trading within a bullish channel and is targeting R1, identified at the 16.747 mark. This level is crucial as the bullish market might encounter resistance near this area, coinciding with the upper band of the bullish channel.

Should the LINKUSD successfully break above R1, the next target for bullish traders would be R2, situated at the 17.78 mark.

fxnews - chainlink technical analysis

FxNew – CHAINLINK Technical Analysis – 4H Chart

However, it’s important to consider the other side of the coin. If the R1 resistance level proves to be robust, we may witness a price correction, where LINKUSD could lose some of its recent gains. This correction could see the price dropping back to the median line of the flag and potentially to the pivot point, marked at 15.26.

  • 8 December 2023
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