The Chainlink price analysis shows that after failing to climb above the $38.00 mark, the sellers broke the $35.00 support level as LINK returned to the $34.00 mark. Currently, the price is moving towards the $32.00 mark as the selling continues.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include DOGE and DOT, recording a 6.83 and a 5.86 percent incline, respectively.
Across the technical indicators, the MACD is currently showing bearish momentum, as exhibited by the red histogram. The indicator currently shows a decreasing bearish momentum as expressed by the lighter shade of the histogram. The MACD exhibited a bearish crossover on November 11 and has remained in the region since then as the Chainlink price fell from the $37.00 level.
The EMAs are currently moving downwards as the Chainlink price analysis moves towards the $34 support level. The 12-EMA is converging with the 26-EMA, suggesting a decreased selling pressure across the short term as the price action finds support at the $34.00 mark.
The RSI is currently neutral and trades close to the medium position at 46.58 index units. Currently, the indicator is moving horizontally, suggesting low activity from either side of the market. Overall, the RSI’s neutral position leaves room for volatile price movement in either direction. Meanwhile, the horizontal movement shows that the traders are currently speculating as the price oscillates around the $34.00 mark.
The Bollinger Bands are currently wide but show convergence as the price action slows around the $34.00 mark. As the price action consolidates below the indicator’s mean line, traders can expect the indicator to converge downwards, setting up a lower resistance level for LINK in the short term.
Overall, the 4-hour Chainlink price analysis issues a sell signal as nine of the 26 major technical indicators support the bears across the timeframe. On the other hand, seven of the indicators support the bulls showing no significant 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 contradicts this sentiment and issues a buy signal with 14 of the indicators suggesting an upwards price movement against only two indicators supporting the bears across the timeframe. At the same time, ten indicators remain neutral and do not support either side of the market.
The Chainlink price analysis shows that the bulls struggled and failed in climbing above the $38.00 price level, causing the support at $35..00 to collapse. After setting up multiple lower highs, the price has fallen to the $34.00 mark, and as the selling continues, LINK might return to the $32.00 mark.
Currently, traders should expect a brief dip below the $34.00 support level before the price makes another attempt at $38.00. This suggestion is supported by the technical analyses, which are slightly bearish in the short term but show strong support to the bears across the mid-term charts. As such, a drop below the $33.00 mark is unlikely across the next few days.
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.
This post was last modified on November 13, 2021 11:59 am
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