TL;DR Breakdown
- Chainlink price analysis suggests an upwards movement to $7.10 before further downward movement toward $6.50
- The closest support level lies at $6.80
- LINK faces resistance at the $7.10 mark
The Chainlink price analysis shows that the LINK price action found support at the $6.80 mark and the bullish momentum has enabled the price to return to the $7.00 mark. However, the price action still faces strong bearish pressure at press time.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include BNB and ETH showing a 2.40 and a 1.98 percent incline, respectively.
Chainlink price analysis: LINK finds support at $6.80
The MACD is currently bullish as expressed in the green colour of the histogram. Moreover, the indicator shows a steady bullish momentum at the press time as observed in the height of the histogram. However, the darker shade of the indicator suggests an increasing bullish momentum as the price finds support at the $6.80 mark.
The EMAs are trading close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading close to each other showing low bullish momentum at press time. On the other hand, the diverging EMAs suggest a slowly increasing bullish momentum.
The RSI has been trading in the neutral region for the past seven days as the price action traded around the $7.00 mark. At press time, the indicator trades near the mean point at the 45.22 index level as the price suggests slight bearish dominance with the upwards slope suggesting a decreasing bearish pressure at the current price level.
The Bollinger Bands are currently narrow as the price action observes little to no volatility across the short-term charts. Furthermore, as the price stabilizes above the $6.90 mark, the bands will show further convergence. At press time, the bands’ lower limit provides support at the $6.771 mark while the upper limit presents a resistance level at the $7.235 mark.
Technical analyses for LINK/USDT
Overall, the 4-hour Chainlink price analysis issues a sell signal at press time with 13 indicators supporting the bulls. On the other hand, only three of the indicators support the bulls showing a low bullish presence. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Chainlink price analysis shares this sentiment and also issues a sell signal with 13 indicators supporting the bears against only five supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a strong bullish presence at the current price level. Meanwhile, the remaining eight 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 Chainlink market is currently in a bearish rally as the price action observed a breakdown from the $8.80 mark to the $6.80 price level. However, the bulls made some recovery and the price has risen back to the $6.950 mark.
Traders should expect LINK to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. Currently, the price can be expected to move to $7.10 before finding a strong resistance level.
