Chainlink shut from uptrend by overhead bears at $25 Mark

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It has been a tough time for the privacy oriented cryptocurrency called Chainlink, which is the main focus of our current article. The project started out with an impressive ICO, with a decent price, and over the past few weeks it has been on a downtrend, continuously testing the $25 mark. Over the weekend, the bears took over, dropping the price to as low as $18.50, and if the trend continues, it will break this mark and go even lower.

The worst of bitcoin’s downtrend appears to be behind it finally, pushing the price up to $25.00 on Bitfinex, but ETH and LTC only look like they might follow suit. BTC still looks like it has a ways to go before it can get out of this range, so we’re going to say it’s time to take profits and buy back in.

Chainlink is a smart contract platform that uses a layered architecture to allow users to create applications based on a variety of contract types such as oracle, financial, and data, to name a few. The platform is built on Ethereum and runs on the same EVM (Ethereum Virtual Machine) as the rest of the Ethereum ecosystem. Today, Chainlink announced it has raised $28 million in a private sale hosted on the Kyber Network.. Read more about chainlink price prediction $1000 and let us know what you think.

Summary of the situation

  • Downward pressure towards the trend line at $20 – $22.
  • Narrow trading range and low volatility
  • Chainlink’s main rising channel is above $25.

Channel price analysis: Price Overview

Chainlink’s share price has fallen below its 200-day exponential moving average after the bulls failed to maintain upward momentum at $23.51. Overall sentiment on the daily chart remains negative, suggesting that the bears will continue to pull price below the important $20 – $22 trend line. The Relative Strength Index on the chain chart is moving out of the neutral zone into overbought territory. The RSI is currently at 45. Meanwhile, the current pattern is for Chainlink to attempt to consolidate from yesterday’s swing low at $20. This consolidation will help break out of the broader bearish shear that formed on the 4-week trendline after LINK fell back from the high of $52 in May. It is very difficult for buyers to maintain bullish momentum above the moving averages, as sellers are focused on the $22 level. The 24-hour coin market was mostly bearish, despite a 15% gain at yesterday’s close. The bulls reached an intraday high of $23.71 in the first few minutes of early trading. Chainlink has since the 8th. June retested support around $22.7. Moreover, the price is below the simple moving averages of the 50 and 100 day lines, indicating a strong bear market.

Chainlink price has been trading in a narrow range since the start of the day. The upper and lower Bollinger Bands have tightened and the candlesticks are stuck below the median line. The market’s opening price is $23.71, which is also a high for the day. The difference between the highest and lowest price of the day is only 1 pip, indicating an inactive market with low volatility. The bulls are trying to consolidate above the $22.7 support to break the descending channel that has formed on the 5-day chart. Chainlink is currently trying to maintain bullish momentum above $23.5 and break above resistance at $24. (Source: TradingView) Chainlink shut from uptrend by overhead bears at $25 Mark If the bulls run out of strength at current support, a drop below $20 cannot be ruled out. When this happens, the total volume of buyers is dispersed and the sellers concentrate on the market of the links in the chain. This could extend the decline to the $16 and $17 levels.

On Chainlink’s 4-hour price analysis, the blue line has crossed the zero mark, which is a buy signal for the bulls. The RSI remains above 45. At the time of writing, Chainlink is trading at $23.43. mark (Source: TradingView) Chainlink shut from uptrend by overhead bears at $25 Mark

Chainlink’s main bullish channel is above $25, and the increasing resistance between the current price and the top of the bullish triangle is the result of bears getting out at high price levels. This is why LINK has been trading below the 50-day SMA for some time. A large number of buyers are needed to support the market and sustain a strong recovery. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility 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.The last few days have been slow for Zclassic, which lost a lot of its gains during the past week. Currently, the coin’s price is sitting at $25. In an attempt to reclaim some of the losses, the price is very close to breaking the resistance level of $25, and it is likely that the uptrend will resume in the next few hours.. Read more about predictions for chain link and let us know what you think.

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Emilia James
By Emilia James

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