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Chainlink price analysis: Buyers defend $16.00, can bulls recover $17.00

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis suggests upwards movement to $17.00
  • The closest support level lies at $16.00
  • LINK faces resistance at the $16.50 mark

The Chainlink price analysis shows that the asset’s price action was rejected at the $19.00 mark and has fallen back to the $16.00 support level. Although the buyers have defended the support level, the selling pressure still haunts LINK price action. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include XRP and EGLD recording a 8.40 and a 6.35 percent incline respectively.

Chainlink price analysis: Buyers defend $16.00, can bulls recover $17.00 1
Technical indicators for LINK/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as expressed by the red color of the histogram. However, the lighter shade of the indicator shows a decrease of bearish momentum in recent hours. As the buyers have defended the $16.00 support level, if they are able to climb above the $16.500 mark, the indicator would suggest a bullish crossover.

The EMAs are currently trading low as the LINK price observes net bearish activity over the past few days as the sellers caused the price to crash below the $16.00 mark. At press time, the 26-EMA is moving downwards at a steady pace while the 12-EMA has reacted to the recent movements

The RSI was trading high in the neutral zone until 8 February but now hangs close to the bottom line at 30.00 index units. The indicator hovers at 37.10 index units moving upwards towards the mean line as the price consolidates at the $16.10 mark. The indicator’s position leaves room for sharp movement in the upwards direction while the low gradient leaves it vulnerable to bearish activity. 

The Bollinger Bands are currently wide but show convergence as the bulls fight back at the $16.00 mark. The indicator suggests a decreasing LINK price volatility across the short term with a support level at the $15.18 mark. Currently, the indicator shows room for sharp bullish activity as the next resistance lies at the mean line at $16.98. 

Overall, the 4-hour Chainlink price analysis issues a sell signal with 15 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only two of the indicators support the bulls, suggesting a low bullish presence in recent hours. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time.

The 24-hour Chainlink price analysis shares this sentiment and issues a sell signal with 14 major technical indicators suggesting downwards movement against only three indicators suggesting further upwards movement. The analysis reaffirms the bearish dominance while showing low bullish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market. 

Chainlink price analysis: Buyers defend $16.00, can bulls recover $17.00 2
4-hour price chart by Tradingview

The Chainlink price analysis shows that after finding strong bearish pressure at the $19.00 mark which rejected the trend causing LINK to crash to the $16.00 mark. The wavelike bearish activity enabled the sellers to cause a significant price drop without a bounce back from the buyers. At press time, the buyers defend the $16.00 support but the selling pressure persists. 

Currently, traders should expect the Chainlink price analysis to move upwards towards the $17.00 mark as the bulls fight back against the sellers. The market sentiment is also turning bullish reinforcing this suggestion. While the mid-term technical analyses reject this sentiment, they are yet to react to the price movements across the last 12-hours.

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.
Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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