Chainlink Price Prediction: LINK at $16.50; Uptrend to Continue?

Chainlink (LINK) is currently trading at $16.51, up 1.59% in the last 24 hours, with a 24-hour trading volume of $447,534,266.

Written by: Arslan Butt • Sunday, May 19, 2024 • 2 min read

• Last updated: Sunday, May 19, 2024

Chainlink (LINK) is currently trading at $16.51, up 1.59% in the last 24 hours, with a 24-hour trading volume of $447,534,266. Chainlink ranks #15 on CoinMarketCap, with a market cap of $9,694,849,625.

LINK Price Chart - Source: Tradingview — LINK Price Chart – Source: Tradingview

It has a circulating supply of 587,099,970 LINK coins and a maximum supply of 1,000,000,000 LINK coins. The 4-hour chart highlights the pivot point at $16.77, which is crucial for near-term price action.

Immediate resistance is identified at $17.53, followed by $18.03 and $18.64. On the downside, immediate support is at $16.02, with further support levels at $15.52 and $15.16. The Relative Strength Index (RSI) is at 71, indicating overbought conditions, which may signal a potential pullback.

The 50-day Exponential Moving Average (EMA) is positioned at $14.85, suggesting a strong upward trend. Chainlink has completed a 23.6% Fibonacci retracement at $16, with recent candle closes above this level indicating a potential buying trend.

LINK Price Chart - Source: Tradingview

The formation of a bullish engulfing candle near the $16.77 pivot point supports the possibility of continued bullish momentum. Breaking above the double top level at $16.77 could drive prices higher towards the resistance levels.

Fundamental Events Ahead

Fundamental factors also play a significant role in Chainlink’s price movements. The upcoming speeches by Fed Chair Powell and other FOMC members could impact market sentiment and influence LINK’s price.

On Monday, Fed Chair Powell speaks at 12:30 AM, followed by FOMC Member Waller at 6:00 PM. Their comments may provide insights into future monetary policy, potentially affecting the broader crypto market.
Tuesday features Treasury Secretary Yellen at 1:00 PM and FOMC Member Waller at 6:00 PM. Market reactions will depend on any shifts in economic policy or outlook.
Wednesday’s existing home sales data at 7:00 PM, with expectations of 4.21M versus 4.19M previously, and the FOMC meeting minutes at 11:00 PM, will be scrutinized for economic health indicators, impacting LINK prices.
Thursday’s unemployment claims at 5:30 PM (forecast at 221K versus 222K prior) and PMI reports at 6:45 PM (Manufacturing PMI expected at 50.1, Services PMI at 51.5) will offer further economic health indicators. New home sales data at 7:00 PM is anticipated to show a decline to 674K from 693K.
Friday’s key data includes core durable goods orders at 5:30 PM (forecast at 0.1% versus 0.0% prior) and durable goods orders at -0.5% (down from 0.9%). The revised University of Michigan consumer sentiment index at 7:00 PM is expected at 67.7, slightly up from 67.4.
Additionally, FOMC Member Waller will speak again at 6:35 PM, potentially influencing market sentiment further. In conclusion, Chainlink’s technical outlook remains bullish above the $16.77 pivot point.

However, a break below this level could trigger a sharp selling trend. The market’s response to both technical and fundamental factors will be critical in determining the near-term direction of Chainlink’s price.