After finally going past the $20.5 mark, Chainlink price failed to continue its bullish rally and the price has stagnated ever since. While the buyers defend the $14.00 support level, the bearish pressure prevents the price action from rising above the $15.20 mark.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time frame. Major Players include USD coin, and Uniswap that record a 0.04 and a 0.84 percent increase respectively. Meanwhile, Bitcoin and Ethereum record a 0.79 and a 0.13 percent hike respectively
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price is starting to climb back above the -0.58 mark. While the 26-EMA still trades above the 12-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 into the oversold region for a very brief time yesterday but has since dropped back into the neutral zone. The indicator currently trades below the 36.00mark 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 at press time are wide however as the last few candlesticks are red the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Chainlink price to decrease in the short term. Moreover, as the price is consolidating closer to the lower limit rather than 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 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 14 of the 26 indicators suggesting a bearish movement against only four indicators suggest a bullish momentum. Meanwhile, eight indicators remain neutral and do not issue any signals at the time of writing.
Traders can expect Chainlink price to continue to fall to $14.50 or further below considering the bearish sentiment of today’s market, the low price volatility of Chainlink price and the fact that the short term and even the long term indicators are issuing a heavy bearish trend.However traders can expect a bullish rally as soon as Chainlink price hits its support level of $14 if the buyers continue to fight back.
This post was last modified on July 17, 2021 1:04 pm
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