LINK/USD to consolidate below $20 for the next 24 hours
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TL;DR Breakdown
- Chainlink price analysis is bearish today.
- LINK is currently trading at $15.6 against the US dollar.
- LINK/USD resistance is at $18.00.
The LINK/USD pair has been trading between $15.37 and $18.00. The pair attempted to break above the resistance zone but failed, resulting in another bearish pressure which pushed the price back inside the zone again. At this point, there is no upward momentum gaining traction on the market. There are talks that Chainlink could be added to the Coinbase platform soon since it’s a coin with a strong use case.
Bearishness is in place, and it seems like LINK/USD could fall further. It might become a bearish trend until a new wave of momentum pushes the price above $20.00 again. The current resistance level for LINK/USD is $20.00, and the support level is $15.07. The Stochastic Oscillators show no signs of an upward trend forming just yet.
LINK/USD 24-hour chart: Price struggles to find upward momentum
On the daily chart, LINK/USD reached a low of $15.0 and is currently trading at $15.67 as buyers face off sellers around those levels to establish a new uptrend above the resistance at $20 and support at $15.
The Relative Strength Index (RSI) also trends northward and shows no divergence. The only way down from here may be to go along with a soft stop at $16 again as LINK trades within a bullish-neutral zone.
LINK/USD 4-hour chart. Source: Trading View
LINK/USD 4-hour chart: Technical indicators paint bearish picture
The 4-hour chart for the LINK/USD pair shows a neutral environment, with the RSI holding at 53. The price is currently trading at $15.67 and is finding resistance at another strong demand level that it must break through to break out of its current bearish downtrend towards $30.
If bulls can sustain momentum around those levels, LINK may test the highs again as buyers eye a move towards $30. But if not, LINK will likely go for its local bottom at $15.8.
The current price of LINK/USD is below the 200-day EMA, and the 100 and 200-day EMAs are in a bearish crossover, indicating further pressure on prices. There might be a slight rise before it declines to $15 to establish support there.
The price will also be supported by its 50-day EMA, which has yet to cross its 100-day EMA, meaning there is still room for decline. In addition, it appears that Chainlink prices are finding support at the $17 level from a short-term perspective.
The Relative Strength Indicator (RSI) for LINK is also at a level of 47, which reflects low short-term momentum and the possibility that the token has found its bottom for this trading period.
Chainlink Price Analysis: Conclusion
The bearish trend of LINK will continue unless it breaks out of the current trading range with significant momentum, which will take it up to $25 or higher levels where there are strong resistances.
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.
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