This week Chainlink (LINK) is on an absolute tear, gaining 47% over the by four days on strong purchasing volume. The price had dropped by a massive 63.50% from March 11 to March 12 and bottomed at $ane.35 on March 13. Since March 13 LINK has rallied 149% and at the time of writing the digital asset was up half-dozen.65% for the twenty-four hours.

Other than the entire crypto market place recovering from deeply oversold weather, the recent proclamation of new partnerships with decentralized finance giant Celsius, and Fantom could possibly be calculation to the current excitement equally previous partnership announcements have been known to drive LINK cost higher.

Regardless of the reason, the contempo gains are quite impressive and the current state of the daily nautical chart suggests that there could exist more to come. After LINK broke from the $1.99 - $2.xxx range the toll took off, immigration the volume profile visible range high volume node and rapidly reclaiming lost ground from the March 11-12 drop from $4.10 to $1.33.

LINK USDT daily chart. Source: TradingView

The swift drop on March 12 basically led to the price slicing through all key supports in ane candle then traders will annotation that the consolidation that occurred on March 19 through Apr 5 matches the same price action from December xviii - January 13 when LINK traded in the same price range.

Today the price stopped right at $3.47, a betoken which previously served as support on Feb. 27 andFeb 25. If LINK is able to reclaim $iii.47 as support, further gains to the 23.6% Fibonacci retracement at $four.thirteen will be the adjacent pace traders conceptualize.

Above $4.13, the next target is $four.57, a bit closer to the all-time high and although the electric current move is looking over-extended, it'southward foolish to doubt the wiles of the LINK marines.

In the effect of a brief pullback, the price could drop to $2.89, which is right above the 61.8% Fibonacci retracement and a high volume node on the VPVR. If the $2.89 - $2.58 range fails to provide support then a full retrace of the nigh contempo 47% gain could occur every bit the price drops dorsum to $2.26.

LINK USDT 4-60 minutes nautical chart. Source: TradingView

While all looks adept on the daily time frame, the 4-hr chart suggests the altcoin is losing a bit of momentum as the moving average convergence divergence begins to whorl over toward the betoken line. The relative strength index has besides dropped from bullish territory to 66.

For the fourth dimension being, traders of the LINK/USDT pair should keep an heart on purchasing volume and whether or non the cost bounces on the 50% Fibonacci retracement at $iii.17.

LINK/BTC

The LINK/BTC pair has also rallied fairly well since the March 13 crash. Currently the pair is up 38% off its bottom at 0.00032963 satoshis. Similar to the USDT pair, LINK/BTC cost surged college after breaking in a higher place the high volume node at 0.00035111 sats.

LINK BTC daily chart. Source: TradingView

LINK has already pulled dorsum to the support at 0.00043891 sats after topping out at 0.00047347 sats and if the 61.eight% Fibonacci retracement (0.00042061 sats) level fails to concur as support then the price could driblet to 0.00038941 sats.

LINK BTC 4-hr nautical chart. Source: TradingView

Similar the LINK/USDT pair, the MACD is rolling over merely sell volume has also decreased, suggesting that some traders took profits. The RSI has likewise dropped from overbought conditions and currently in a abrupt descent at 72.

As suggested for the LINK/USDT pair, traders of the LINK/BTC pair should also keep an eye on book and whether or not the cost bounces off the 61.8% Fibonacci retracement at 0.00042061 sats.

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