Chainlink Price Analysis: LINK Finds Support at $6.80
The Chainlink price analysis suggests that the LINK price action has 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 still faces strong bearish pressure at press time. Traders should expect LINK to observe sideways movement at the current price level before the price action continues its downward motion.
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.
Chainlink Price Analysis: Resistance and Support Levels
The closest support level for Chainlink lies at $6.80, while the price faces resistance at the $7.10 mark. The MACD is currently bullish as expressed in the green color of the histogram, and the indicator shows a steady bullish momentum at press time. The EMAs are trading close to the mean position as net price movement over the last ten days remains low.
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, trading near the mean point at the 45.22 index level. At press time, the indicator 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.
What to Expect from Chainlink Price Analysis?
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.
Conclusion
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. However, the Chainlink price analysis suggests a potential downwards movement towards the $6.50 mark. Therefore, traders should be cautious and keep an eye on the support and resistance levels before making any investment decisions.
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