- Chainlink price is expected to fall to $26
- The closest support level lies at $28.00
- LINK faces resistance at the $30 mark
The Chainlink price has broken above the $29.00 mark after finding support at the $28.00 mark. LINK has exhibited strong bullish movement over the last three days as the price rose from the $24.00 mark to the current high at $29.10. However, as LINK approaches the $30.00 mark, the bulls exhibit signs of exhaustion which may cause the price action to observe a correction
The broader cryptocurrency market observes a positive market sentiment over the last 24 hours as most major cryptocurrencies record profits over the period. Major players include Avalanche and Solana recording inclines of 29.7 and 6.94 percent respectively.
Technical indicators for LINK/USDT: Bulls exhausted
Across the technical indicators, the MACD is bullish as expressed by the green color of the histogram. The indicator currently shows strong bullish momentum as the Chainlink price approaches the $30 mark. While both EMAs are rising at press time, the 12-EMA seems to be stagnating as the 26-EMA catches up to it. This suggests a drop in bullish momentum and shows selling pressure at the current price level.
The RSI is neutral and moving with a low slope showing a dropping bullish momentum as the bears tussle for market dominance. The indicator’s high position leaves room for sharp selling activity allowing the Chainlink price to move downwards. While LINK finds short-term support at the $28.00 mark, it is uncertain whether the bulls can defend the level.
The Bollinger Bands are currently wide as the Chainlink price tugs to the indicator’s upper limit showing bullish dominance. However, the sharp upwards movement leaves the price action unstable and the wide Bollinger bands suggest high price volatility for LINK.
Overall, the 4-hour technical analysis issues a buy signal showing bullish strength at the current price level. The analysis shows 14 of the 26 major technical indicators in support of an upwards movement for the Binance Coin price. On the other hand, only four indicators issue sell signals, suggesting a low bearish presence at the current level. Meanwhile, the remaining eight indicators sit on the fence and do not issue any signals supporting either side of the market.
The 24-hour technical analysis accentuates this sentiment, also issuing a buy signal showing a positive outlook for LINK across the mid-term charts. The analysis shows 15 indicators suggesting further upwards movement for the Chainlink price action against only two indicators suggesting a downward price movement. At the same time, nine indicators remain neutral at the time of writing.
Traders should expect the Chainlink price to face rejection at the $30.00 mark as the price action observes a correction at the level. While the mid-term technical analyses remain bullish the short-term indicators suggest bullish exhaustion causing stagnation at the level. As such, LINK can be expected to drop to the $28.00 mark with lower support at the $26.00 mark. After stabilizing at the level, LINK can be expected to retest the $30.00 mark.
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