Market Analysis

Chainlink Technical Analysis – Pullback Signals Good Buy Opportunity

For those who missed out on Chainlink’s huge surge after the announcement of partnerships with Google and Oracle, followed by listing on Coinbase, may want to pay close attention. The highly respected project within the crpyto space, backed by very strong Fundamentals and unquestioned value, looks to have found support just about $2.00.

From creating ATH’s at $4.80 just weeks ago, the 1D chart now looks to have pulled back in a healthy manner and found support at the first port of call, around $2.02. This level also confluences well with the 78.6% Fibonacci region, and reversed to the upside since, trading at over $2.70 today.

Should the bullish momentum look to sustain, we should be looking at upside targets of $3.50 and then $5. If this is not the case, support can be found below $2.00 at $1.89-86. Any further bullish fundamental announcements should see Chainlink create new ATH’s with relative ease.

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