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Chainlink price analysis: LINK returns to $17.00, can the bulls break past $18.00

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis suggests an upwards movement to $18.00
  • The closest support level lies at $16.92
  • LINK faces resistance at the $17.32 mark

The Chainlink price analysis shows that LINK has struggled to break above the $7.00 mark in the past few days as the bullish momentum fades. Today, the price has broken above the level but can the bulls persist against the bears?

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include RUNE and AVAX, recording a 20.46 and a 17.11 percent incline, respectively.

Chainlink price analysis: LINK makes another attempt at $17

Chainlink price analysis: LINK returns to $17.00, can the bulls break past $18.00 1
Technical indicators for LINK/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. On the other hand, the indicator shows weak bullish momentum as observed in the short height of the histogram. However, this is because the indicator has just observed a bullish crossover and the dark shade suggests an increasing momentum across the short-term charts.

The EMAs are currently trading around the mean position as net price movement over the last seven days remains low. However, as the markets observe bearish activity, the EMAs move downwards towards the mean line, with the 12-EMA taking the lead. In recent hours the downwards slope of the EMAs has decreased, and the two EMAstrade close together suggesting a change of pace for the price action.. 

The RSI had dived into the oversold region on June 13 but has since moved back into the neutral region as the price action stabilized around the $16.00 mark. At press time, the index trades around the mean level at 50.00 and hovers at 58.37 moving upwards to show the buying pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from the bullish side of the market.  

The Bollinger Bands were moving in a wide channel until a few days ago but converged as the price action stagnated around the $7.00 mark. Currently, the narrowing indicators suggest a decline in price volatility as either side of the market struggles for dominance. At press time, the indicator’s mean line provides support at the $6.92 mark, while the upper limit presents a resistance level at the $7.32 mark. 

Technical analyses for LINK/USDT 

Overall, the 4-hour Chainlink price analysis issues a buy signal with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only one of the indicators supports the bears showing little to no bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.

The 24-hour Chainlink price analysis does not share this sentiment and issues a sell signal with 10 indicators suggesting a downwards movement against seven indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing strong buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Chainlink price analysis?

Chainlink price analysis: LINK returns to $17.00, can the bulls break past $18.00 1
4-hour price chart by Tradingview

The Chainlink price analysis shows that the bulls have made another attempt at the $17.00 mark, successfully breaking up to the $7.13 mark, however, the bearish activity still weighs on the price action across the mid-term charts. 

Traders can expect LINK to move upwards towards the $8.00 mark if the bulls break above the $7.20 mark. However, if the bullish momentum remains low like at press time, the price would move sideways around the $7.00 mark. In either case movement below the $6.60 mark is unlikely.

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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