- Chainlink price analysis is bearish today.
- LINK/USD is currently trading at $33.
- LINK/USD could then rally all the way up to $45.
The current Chainlink price analysis is bearish, as the market slowed down after overcoming the $32 resistance. As a result, we anticipate LINK/USD to reverse and establish another higher low.
The LINK/USD market found resistance at our expected upper bound at $32 yesterday – which was also the confluence of the 100-day EMA. As a result, LINK/USD retraced back to $28 in order to consolidate and establish a higher low that will act as support in the event of another drop in prices.
On the other hand, bull momentum appears to have run out of gas, as no green candle has appeared since 21 June. As a result, we expect the LINK/USD market to reverse and create another high soon.
In order for Chainlink prices to rise again, bulls need to breach resistance at $32 then re-test it as support. In that case, LINK/USD could then rally all the way up to $45.
Alternatively, bulls may push prices higher should accumulation continue at support between $28 and $27. In that case, LINK/USD could rally all the way up to $32 before paring back gains.
As a result, LINK/USD may need to post lower lows before buyers can establish the momentum to continue the uptrend.
If however, that level proves too strong, bulls may push prices higher in order to establish support at $32.
Either way, we recommend patience while looking for signs of accumulation or distribution before committing any capital. That way, LINK/USD prices could surprise us with a rally sooner than later.
LINK/USD 4-hour chart: LINK to reverse from $32?
The 4-hour chart shows that the Chainlink price is approaching exhaustion below the resistance, suggesting another retracement will occur.
The market reversed shortly after establishing this higher low; however, the bears are taking their time in pushing prices towards new lows. This has created an ascending triangle pattern on the 4-hour chart (pictured above), with the market currently trading around the lower support.
Bullish momentum has officially been exhausted at this point, and Chainlink is expected to establish a new lower low soon.
The 4-Hourly RSI recently established a new higher low on our trend model. This was after briefly breaching the 50 level, signaling bearish
Following the massive gains, a retest of the $29 level sparked a retracement in which LINK traded as low as $26.9 before rebounding. Another drop followed, setting a new high at $29. Yesterday’s rise brought the cryptocurrency rate to its highest level yet, surpassing $32 and signaling another possible decline today. For now, it appears like the $30 level will act as strong resistance once again.
As for the MACD indicator, it has recently flipped in favor of bears; however, this could change in the coming hours. If buyers manage to push prices above $32, we could see another corrective rally. At this point though, it seems like LINK/USD is likely to record a new low in the near future.
The LINK/USD market is well below the resistance and needs to post a higher low before we could see any signs of a trend reversal. Traders should wait for this event to take place before committing any capital.
We anticipate the LINK/USD market to reverse and establish another higher low. Further confirmation will be necessary before committing any capital. $28 March 26th CTH Support – A higher low will be confirmed if LINK/USD trades at or above $28.
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.