TL;DR Breakdown
- Chainlink price analysis suggests an upwards movement to $6.30
- The closest support level lies at $6.00
- LINK faces resistance at the $6.15 mark
The Chainlink price analysis shows that the LINK price action has recovered back to the $6.00 mark after a sudden drop to the $5.70 price level.
The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include ETH and BTC, recording a 2.43, and a 2.04 percent decline, respectively.
Chainlink price analysis: LINK recovers $6.05
The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as expressed in the low height of the histogram. On the other hand, the darker shade of the histogram suggests an increasing bullish momentum and indicates that the price is headed upwards.
The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. However, as the two EMAs diverge and move upwards, the bullish activity is bound to rise. Currently, the 12-EMA is leading the run towards the mean line suggesting an increasing buying activity in the markets.
The RSI dipped low yesterday as the index dropped to the 31.55 unit level but has since recovered back to the mean position. Currently, the index hovers at 53.65 with a slight upwards slope. The indicator issues no signals while the gentle slope shows low market pressure.
The Bollinger Bands expanded yesterday as the price dropped below the $5.80 mark but have since shown convergence as the price returned to the $6.00 mark. At press time, the indicator’s bottom line provides support at $5.608 while the upper limit presents a resistance level at $6.351.
Technical analyses for LINK/USDT
Overall, the 4-hour Chainlink price analysis issues a buy signal, with 11 of the 26 major technical indicators supporting the bulls. On the other hand, six of the indicators support the bears showing significant bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Chainlink price analysis does not share this sentiment and issues a sell signal with 14 indicators suggesting a downward movement against three indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.
What to expect from Chainlink price analysis?
The Chainlink price analysis shows that the bearish pressure that caused the price to fall to $5.70 has mostly evaporated as the bulls made a swift recovery to the $6.00 level.
Traders should expect LINK to move up toward the $6.30 mark where the next short-term resistance lies.. The suggestion is reinforced by the 4-hour price analysis which shows a bullish dominance. On the other hand, if the 24-hour indicator changes in the next few hours, the price may initiate a bullish rally to the $6.60 level.
