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. Chainlink ranks #15 on CoinMarketCap, with a market cap of $9,694,849,625.

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.

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.