LINK Breaks Out and Attains New All-Time High

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In Brief
  • LINK reached a new all-time high price on May 5.

  • There is resistance at $53.3 and $67.8.

  • LINK is expected to continue increasing towards a new all-time high.

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ChainLink (LINK) has been moving upwards since April 18. It proceeded to reach a new all-time high (ATH) price on May 5.

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LINK has nearly reached an important Fib resistance level which could cause a short-term rejection. Despite this, the trend is considered bullish as long as the token is trading above the $42.70 support area.

New LINK all-time high

LINK has been moving upwards since April 18. On April 27, it managed to break out above the previous resistance area of $35 and validated it as support a few days later (green arrow). 

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The rate of increase accelerated on May 4, and LINK reached a new all-time high price of $51.20 the next day. 

Technical indicators are bullish. This is especially evident by the potential bullish cross in the Stochastic Oscillator and the RSI cross above 70. In addition, the MACD is positive and increasing.

The next closest resistance areas are found at $53.30 and $67.80. These are the 1.61 and 2.61 external Fib retracements of the most recent drop.

 
Chart By TradingView

Cryptocurrency trader @Altcoinsherpa outlined a LINK chart, which shows a potential double top near the $42 resistance area. Since the tweet, the price has moved above this level, proceeding to reach a new all-time high.

Source: Twitter

Short-term movement

The shorter-term six-hour chart shows a breakout from a descending resistance line which led to the current all-time high price. 

Neither the MACD nor RSI show any signs of weakness, despite the latter being overbought. 

If LINK retraces in the short-term, the $42.70 area is expected to act as support. This is the previous all-time high level. The trend is considered bullish as long as the token is trading above this level.

Chart By TradingView

LINK/BTC

Similarly to the USD pair, LINK/BTC has broken out from a descending resistance line. However, it is nowhere close to reaching a new all-time high. In fact, it is just approaching the 0.5-0.618 Fib resistance levels at 102,000-118,000 satoshis. 

Despite technical indicators being bullish, a rejection could occur at this level, prior to trend continuation. If so, the closest support area is found at 70,000 satoshis.

Chart By TradingView

To conclude, LINK is expected to continue increasing towards a new all-time high. While a short-term rejection could occur, the token is not likely to decrease below the $42.70 area.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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