Chainlink are traded at 23.95 and continue to move as part of the correction and the ascending channel. Chainlink cryptocurrency capitalization at the time of the publication of the forecast is $9,678,783,608. Moving averages indicate a short-term bullish trend in Chainlink. However, prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. As part of the cryptocurrency rate forecast for February 5, 2021, we should expect an attempt to develop an asset price correction and test the support level near the 23.05 area. Where can we expect a rebound again and continued growth of the Chainlink digital asset with a potential target above the level of 26.05.
Chainlink Forecast and Analysis LINK/USD February 5, 2021
An additional signal in favor of the growth of the LINK/USD digital asset quotes is a test of the trend line on the relative strength index (RSI). The second signal in favor of raising the LINK/USD quotes will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the Chainlink cryptocurrency on February 5, 2021 will be a fall and a breakdown of the 21.75 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the 20.05 area. With the breakdown of the resistance area and closing of quotations above the level of 24.55, we should expect confirmation of the development of an upward trend in Chainlink.
Chainlink Forecast and Analysis LINK/USD February 5, 2021 suggests an attempt to test the support area near the 23.05 level. Where can we expect a rebound and continued growth of LINK/USD to the area above the level of 26.05. An additional signal in favor of a rise in the Chainlink digital asset will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 21.75 area. This will indicate a continued fall in the cryptocurrency with a potential target below 20.05.