Chainlink price analysis: LINK prices face rejection at $15.91 key resistance

LINK

TL;DR Breakdown

  • Chainlink price analysis shows a bearish trend
  • Support for LINK prices is present at $14.86
  • LINK prices are facing resistance at $15.91
Chainlink price analysis: LINK prices face rejection at $15.91 key resistance 1
Cryptocurrencies prices heatmap, source: Coin360

Today’s Chainlink price analysis shows the bears are still In control of LINK prices after a week of sideways trading. Prices have been consolidating around $15 since January 11th, with a recent breakout to the upside being rejected at the key $16 resistance level. Trading activity has been extremely low over the past few days as both buyers and sellers seem content to wait on the sidelines.

The trading volume for LINK is currently sitting at its lowest point which is $396,385,862.77 while the market capitalization is over 6 billion.LINK prices have been trading between a range of $14.86 to $15.91 as the price currently sits at $14.97 at the time of writing. Resistance for LINK prices is found at $15.91, while support lies at $14.86.

Chainlink price movement on a 1-day price chart: Bears in control as prices consolidate

Looking at the 1-day Chainlink price chart, we can see that LINK prices have been consolidating in a symmetrical triangle pattern since March 11th. Prices have made two unsuccessful breakout attempts to the upside over the past few days, with both being met by strong selling pressure at $15.91. The bears will be looking to push prices lower in order to retest the $14.86 support level. A break below this level could see LINK prices falling towards the $12 region. On the other hand, if the bulls can muster enough strength to push prices above the $16 resistance, we could see a move towards the $17.50 level.

Chainlink price analysis: LINK prices face rejection at $15.91 key resistance 2
LINK/USD 1-day price chart, source: TradingView

The RSI indicator is currently sitting at 43 which indicates that LINK prices are neither overbought nor oversold at this moment in time. The MACD is also currently printing a bearish crossover as the 12-day EMA (blue) starts to move below the 26-day EMA (yellow).

Chainlink price analysis on a 4-hour price chart: Recent developments and further technical indications

Zooming into a 4-hour Chainlink price chart, we can see that prices have been following a descending channel since the beginning of the month. The bears will be looking to push prices lower in order to retest the $14.86 support level. A break below this level could see LINK prices falling towards the $12 region. On the other hand, if the bulls can muster enough strength to push prices above the $16 resistance, we could see a move towards the $17.50 level.

Chainlink price analysis: LINK prices face rejection at $15.91 key resistance 3
LINK/USD 4-hour price chart, source: TradingView

The RSI line is signaling a bearish trend as it is currently printing a value of 45. The MACD line is also currently in the bearish territory as the 12-day EMA moves below the 26-day EMA. There is strong selling pressure as the bears look to push prices lower.

Chainlink price analysis conclusion

Chainlink price analysis shows that prices are still in a bearish trend as LINK prices face rejection at the $15.91 key resistance. Prices have been on a downtrend over the last few days as bears push prices lower. However, bulls are still defending the $14.86 support level and a breakout above the $16 resistance could see prices move higher.

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

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.I love content and creating features on the cryptocurrency.

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