- Chainlink has lost 1.5 percent for the day.
- The crypto has failed to break the resistance levels at $11.140 for the past four days.
- The prices are in a bearish move after failing to break the resistance level.
- Prices expected to hit the $9.282 support levels with the likelihood of setting new lows at $7.232 support levels.
- Intraday traders should also look for shorting opportunities, as the 1-hour chart shows a bearish move.
Chainlink opened the markets at $10.799, reaching highs of $11.070 and lows of $10.437. At press time, the crypto was trading at $10.637 after dropping 1.5 percent of its value.
Chainlink daily chart analysis
Chainlink daily charts show that in the last four days, the prices have been trading sideways, trying to break the $11.140 resistance levels to no avail. The crypto, which had been in a six-week downward trend, that saw it lose over 63 percent of its value, hitting below $8 has seen some gains in the last five days. Starting on September 12th, the crypto has gained 41 percent of its value back, as at press time.
However, the crypto has failed to break the $11.140 resistance level in the past four days, which has resulted in the prices trading sideways in the daily charts. In today’s trading session, the crypto has also failed to break the resistance level, only hitting it and retracing downwards. This indicates that the crypto is will likely fail to break the structure. This means that the crypto is still on a long term downward trend, and the current rise in prices for chainlink is as a result of a pullback, as the markets correct for another hard push to the downside.
On the daily chart, The market is expected to continue pushing to the downside, and investors will be looking at a possibility of the crypto erasing all the gains made in the past one week, which will leave chainlink’s prices at $9.292 support levels. The prices are expected to break the support level though and will head to the $7.23 support levels to rest it. This support level will determine what will happen for ripple prices for the future, whereby if they break this resistance level, the crypto will be in a longterm downward trend that will see it continue losing its value. However, a bounce after hitting this support level will give investors confidence that the crypto can still continue to grow to where it was before the prices collapsed.
Chainlink intraday trading on 1-hour chart
The prices on the one hour chart have been trading in a rising triangle. The chart also shows that the prices are coming out of a resistance level at 11.140, pushing downwards. For intraday traders, the ascending triangle pattern presents a good opportunity, as at presstime to get into a short position.
The prices are expected to continue pushing downwards until they hit the ascending trendline of the ascending triangle. at this region, the prices might experience a small resistance but combined with long-term daily price analysis, the prices will be able to break out of the structure to the downside. This means that for short term intraday traders, a short position presents a trading opportunity that can easily become a longterm investment.
The prices are also expected to continue hitting new lows on the hourly chart, with an expected price movement heading downwards towards the $9.282 support levels. Upon hitting this level, short term intraday traders should consider getting out of their short position, as the prices may reverse for the upside, before resuming the longterm bearish move. Therefore, the crypto presents a good opportunity for both long term and short term traders to get into the bearish move.
