TL;DR Breakdown
- Chainlink price is expected to fall to below $22
- The closest support level is at $21.5
- Chainlink price is facing resistance at the $23
After finally climbing past the $24 mark, Chainlink price failed to continue its bullish rally and the price has dropped to just below $22.5.While the price at press time holds just below $22.5, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. Main currencies which had a loss include Dogecoin, and BNB that record a 3.06 and a 2.54 percent decrease respectively. Meanwhile, BTC and ETH record a 4.8 and a 5.38 percent decrease respectively
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator saw a bearish reversal on June 16th and is currently just below the -0.2 mark. Across the EMAs, the 26-EMAis trading above the 12-EMA and continues diverging while both EMAs fall.
The RSI is currently trading in the neutral zone a little above the 40.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 6 days. At press time the RSI has again had a small spike towards the oversold region suggesting an Increasing bearish presence at the current price level.
The Bollinger bands are currently narrow and will converge further in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Chainlink price in the short term. Moreover, as the price is consolidating below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 15 of the 26 indicators suggesting a bearish movement against only one indicator which issues a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
What to expect from Chainlink price?
Traders should expect Chainlink price to continue to fall towards its support level of $21.50 or even beyond that considering the bearish nature of the market today.The short term and midterm indicators also compliment this and describe an increasing bearish trend for the Chainlink price.However after reaching its support level a bullish rally can be expected which may help it challenge the $22 again.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
