- Chainlink’ss stochastic indicator is oscillating at 28
- The coin’s medium-term trendline extends across the 50 percent FIB structure
- LINK/USD pair is trading at $23.071 against the US dollar
Chainlink’ss stochastic indicator is oscillating at 28 and points towards the demand region. 28 indicates a bearish position, but lying towards the overbought indicates the first positive signal for an uptrend. The LINK/USD trading pair has been oscillating around strong support at $22.50 for the better part of the daily trading chart. However, the coin fell from a long green candlestick with a tip on the daily high -where it formed a cup-with-handle pattern during the morning trading hours.
The pattern had its bottom at $22.68 when the bulls applied slight buyer volumes to invalidate the bearish movement. This brought the price once again close to the intraday high of $23.734 but was cut short at $23.18. Chainlink’s medium-term trendline extends across the 50 percent FIB structure and cuts across the 100 exponential moving average. The present price is approaching a key level on the 2-day chart after slopping from the 5-day high of $28. Below the $22.5 pivot, LINK/USD could bounce back since this is where the key trendline is cutting across. Failure of which could activate a strong bearish level to the lower levels below $15.
Chainlink opened the daily chart at an uptrend from the opening market price of $22.75, a few white soldiers during those early minutes brought the price to $23.74. This is also the intraday high. Meanwhile, the bulls could not sustain the upward momentum for long and came tumbling to a bottom of $22.268. A bottom that also serves as the intraday low. The daily range between the high and the lows is narrow, further suggesting low volatility across the Chainlink market.
Regardless of the recent drop from LINK’s all-time high which represents a 53.02 percent slash, the last two days have seen the coin gain more than 15 percent.
Chainlink’s Bollinger bands are indicating no signs of converging in the short term, the upper band is already diverging away from the middle line. The price action is lying near the upper band on the 1-hour chart, few more green candlesticks will push the price above the upper line.
At the time of writing, the LINK/USD pair is trading at $23.071 against the US dollar. The momentum is bullish with the chart moving within plenty of green candlesticks.
Chainlink needs support from the broader market to beat a major price hurdle at $26. Such a trend will easily invalidate the bearish momentum currently overwhelming the market, and prepare LINK for the next bullish rally.
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.