- Chainlink’s stock price should drop below $36.00 support if downward pressure continues.
- The next support level is at $36. and even lower, at $32 a barrel.
- LINK meets resistance when it breaks above the $40.00 level.
After rising to $44.00, Chainlink’s price action was decisively rejected and the trend was broken when LINK dropped to $32.00. Since then, Chainlink’s share price has recovered somewhat, but has failed to break through the $40.00 barrier.
The broader crypto-currency market has seen negative sentiment over the past 24 hours, with most major cryptocurrencies posting losses. Ripple’s dogecoin and XRP were among the top performers, with declines of 15.63% and 5.53%, respectively.
Technical indicators for LINK/USDT
As for the technical indicators, the MACD shows little momentum in either direction and hovers around the median line. The indicator has shown four crossovers in the last two days and is currently bearish, but it points to another reversal if price reaches the $37.00 level. Both EMAs are moving horizontally, with 12-EMA overtaking 26-EMA in the last few hours.
The RSI has remained neutral for the past seven days and is currently trading near the 50.00 level, with little momentum in either direction. The indicator is currently showing a slight slope, indicating strong speculation in the markets.
The Bollinger Bands are currently wide but converging downwards while the chain link price remains in the $36-$40 price level. The indicator suggests that Chainlink’s price volatility will subside in the near term as trading volumes continue to fall.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 10 of the 26 major technical analyses supporting negative price action across the time frame. On the other hand, only six indicators are bullish, indicating little buying pressure at the price level. Ten indicators are at low levels and are not giving signals at this stage.
The 24-hour technical analysis contradicts this view and gives a buy signal, with 12 indicators pointing to a short-term upward move, while four indicators point to a downward breakout. As with the 4-hour analysis, all ten indicators remain neutral and offer no support to any side of the market.
The contradiction between the two technical analyses suggests a lack of chain reaction of price action. The price is currently hovering around $38.00, with neither party able to break out of the $36-$40 price range.
What can we expect from chain link prices?
Traders should expect Chainlink’s price to make another high below the $38.00 level before falling back to the $36.00 level. By tomorrow, the support level will likely be broken, allowing price to return to the $32.00 level. Negative technical analysis and falling trading volumes further increase the likelihood of such a collapse.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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