Chainlink price analysis: LINK rejected at $25 further downward movement expected
3 min readTL;DR Breakdown
- Chainlink price is expected to fall to $24
- The closest support level is at $24
- Chainlink is facing resistance at the $25
Chainlink has finally gone past the $22 mark and steady bullish momentum has carried the price to challenge the $25 mark. Chainlink price records an over 11 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time frame. Major players include Ripple’s XRP, and Litecoin that record an 8.17 and a 5.19 percent increase respectively. Meanwhile BTC and ETH record a 6.79 and an 11.32 percent hike.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the indicator is struggling to climb back above the 0.40 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time
The RSI is currently trading in the neutral zone a little above the 56.00 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 and giving a clear indication to sell
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. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. 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 buy signal with 13 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
What to expect from Chainlink price?
Chainlink price is currently facing resistance at the $25 mark but the market shows steady bullish sentiment ,moreover the short term technical indicators and the midterm technical describes a bullish trend hence traders should first expect Chainlink to go back to its support level of $24.However after that Traders should expect an upward breakthrough where the Chainlink price might be able to challenge the $27 mark if the current momentum continues.
