Chainlink Price Analysis: LINK reclaims $25 support, is bearish drive over?
3 min readTL;DR breakdown
- Chainlink price analysis is bullish for today.
- Currently, the coin is trying to reclaim support at $25.
- The support has now shifted to $24 which hasn’t been broken.
Chainlink is one of the most popular cryptocurrencies that people continuously look out for. For today, our Chainlink price analysis is bullish since the support at $24 wasn’t broken in the past 24 hours.
Although in a recent bearish sentiment that overtook the market, BTC fell from $50.5k all the way to $46.5k. With the fall of BTC, Chainlink also fell from $26.7 to the support at $24, which hasn’t been broken.
Chainlink was unable to break the resistance at $26.7 and we saw a retracement below the support at $25. After dropping below the support zone at $25, the coin has been able to keep $24 as its support. For today, BTC has also risen from its support at $46,700 and is trading at $47,270 and the overall sentiment of the market is bullish for today.
Chainlink price analysis indicates LINK/USDT reclaiming $25 support
A detailed analysis of technical indicators on the 4-hour chart has been made in this Chainlink price analysis. We have covered major indicators including MACD, RSI, and the Bollinger Bands. Since BTC was able to main the support, the majority of coins followed the same trend as indicated in the graphs below.
In the above 4-hour chart, we can clearly see that the price of Chainlink is currently trading below the 50-day and the 100-day Moving Averages and it is expected that LINK/USDT will try to reclaim the lost Moving Averages.
It is also clear from the above chart the earlier, the price movement broke out from the lower end of the Bollinger Bands. It is expected that after breaking out, the price movement will start moving upwards.
The day with red engulfing candles and it was thought that the support at $24 would be break leading to another bearish day. But, after few consecutive red candles on the 4-hour chart, green candles were seen which brought the price of the LINK/USDT pair above the previous support at $25.
The RSI chart reads 43, which indicates a bearish zone. The price movement stood above the oversold levels and is currently moving with a positive gradient. It can be said that the price of Chainlink will move towards the neutral zone in the 4-hour candle, indicating bullish growth. This means that it is a very good buying position for the price of LINK/USDT as it hovers around the reclaimed support at $25.
Another interesting reading is put forth by the MACD indicator which reveals that the MACD line (blue line) is trying to cross over the signal line (orange line). This means that the price movent will turn bullish in the next few hours. The histogram has flashed red since 21st August but now, this might be the first sign of bullish divergence on the MACD.
Chainlink Price Analysis: Conclusion
To conclude our Chainlink price analysis for today, we can say that the price movement will remain bullish and that it is definitely a good buy for today. The support at $24 didn’t break and as of now, the support at $25 has been reclaimed which gives hope for further growth in the short term.
For long-term investors, you can visit our long-term Chainlink price prediction which gives a detailed analysis for the LINK/USDT pair in the coming years. LINK has always been a great coin and recently, FarmPulsar has teamed up with Chainlink to explore further opportunities indicating strong growth in the near future.
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.
