- Chainlink price is expected to rise to $22
- The closest support level is at $20.7
- Chainlink price is facing resistance at the $21.7 mark
After finally climbing past the $34 mark on 27th May, Chainlink price failed to continue its bullish rally and the price has seen a steady decline and is currently just below $21.While the price at press time holds just below $21, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues
Across the broader cryptocurrency market, the last 24 hours have observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include Dogecoin and Cardano that record a 0.5 and a 1.80 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.66 and a 0.02 percent hike.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator did dip into the bearish region on June 11th, but has grown bullish again and oscillates around the -1.05mark. Across the EMAs, 12-EMAis trading above the 26-EMA with a high slope and continues diverging while both EMAs rise.
The RSI is currently trading in the neutral zone a little above the 36.00 mark and does not issue a signal. The indicator has been trading in the neutral zone since yesterday. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back
The Bollinger bands at press time are wide and as the last candlestick is green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Chainlink price to increase in the short term. Moreover, as the price is consolidating below the band’s mean line, the bands will be leaning downwards 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 two indicators issue buy signals suggesting bullish momentum. Meanwhile, ten 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 currently facing resistance at $21.7 mark but the market shows steady bullish sentiment and so it should be able to go past it.However the short term technical indicators and the midterm technical describes a bearish trend hence after reaching the $22 a downward movement is expected and Chainlink price may drop to its support level at $20.However traders can expect a bullish trend after this which may lead to Chainlink price challenging the $24 mark again.
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