- Chainlink price analysis suggests upwards movement to the $26 level
- LINK faces resistance at the $24.50 mark
- The closest support level lies at $22.40
The Chainlink price analysis shows that the bulls have struggled free from the bears and now dominate the short-term charts as LINK makes a return to the $24 mark. While the price action faces resistance in climbing above the $24.00 mark, the market sentiment remains highly bullish.
The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include SOL and AVAX recording an 18.81 and an 18.78 percent incline respectively.
Across the technical indicators, the MACD is currently bullish as expressed by the green histogram. The indicators have just observed a bullish crossover in the last 12 hours and since then show a growing bullish momentum as the price action heads towards the $30 mark. However, the price action faces resistance at the $24.50 mark that prevents the momentum from growing further.
The EMAs are currently moving upwards as the Chainlink market recovers. The 12-EMA is trading with a steeper slope suggesting an increasing bullish momentum as the buying activity continues in the markets.
The RSI was down in the oversold region yesterday but now shows a strong retreat towards the 50.00 index level. The indicator was issuing a buy signal yesterday but now trades in the neutral region showing room for movement in either direction. While the indicator is trading with an upwards slope at press time, its neutral position leaves room for high volatility in the LINK markets.
The Bollinger Bands are currently wide but show slight convergence as LINK returns to the indicator’s mean line. While the bulls tried to recover to the $26 mark, the indicator’s mean level presents a resistance that needs to be overcome before LINK can continue moving upwards. Overall, the indicators suggest that the LINK price volatility may be declining across the short-term charts.
Technical analysis for LINK/USDT
Overall, the 4-hour Chainlink price analysis issues a sell signal as 11 of the 26 major technical indicators support the bears across the timeframe. On the other hand, only six indicators support the bulls showing low buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.
The 24-hour Chainlink price analysis shares this sentiment and also issues a sell signal with 13 of the indicators suggesting a downwards price movement against only five indicators supporting the bulls across the timeframe. At the same time, eight indicators remain neutral and do not support either side of the market.
The Chainlink price analysis shows that LINK is currently observing a reversal of trend as the bulls gain control of the markets against the bears. The divide between the bullish short-term technicals and the bearish mid-term analysis also suggests a trend reversal. As such, traders should expect LINK to continue its upward movement as the price makes recovery to the $26.00 mark. Conversely, a rejection would cause the price to fall to the $22.50 support level.
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