- Chainlink price is expected to fall to $23
- The closest support level is at $23
- Chainlink price faces resistance at $25.5
Chainlink price action has failed to break above the $36mark and Chainlink price has fallen back to just below the $25 mark. While the price currently holds above the support level at $22, the bearish pressure is very strong and the price may fall further if the selling continues.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major players include Dogecoin, and BNB that record a 1.28 and a 0.98 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 5.6 and a 0.2 percent hike.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram has steadily started to decrease in size as the price struggled to climb back above the -0.800mark. Across the EMAs, the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.
The RSI broke out of the neutral region on June 8TH but has since dropped back into the neutral zone. The indicator currently trades below the 44.00mark and moves downwards suggesting a bearish presence at the current price level. However, the RSI trades with a low slope suggesting low bearish momentum as the buyers appear to be fighting back.
The Bollinger bands are currently wide but will converge rapidly in the immediate future as the bears take the reins of the market momentum. The bands’ convergence suggests a drop in volatility for the Chainlink price in the short term. However, as the price is consolidating below the bands’ mean line, the price will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only three indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 15 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing .
Chainlink price is still struggling to cross the $26 barrier for the past few days despite finally reaching the $24 mark, as a sideways trend is observed. However the short term and midterm indicators suggest that bearish trend will be observed for a while which may cause the Chainlink price to slide back down to its support level or lower if the momentum continues.Traders should expect a bullish rally after it reaches its support level due to the heavy bullish trend today i the market.
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