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Chainlink price analysis: LINK fails to break out of the descending triangle, what’s next?

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a downtrend
  • AVAX prices have failed to break out above $7.5
  • Support for Avalanche prices is present at $6.5
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Cryptocurrencies prices heatmap, source: Coin360


Chainlink price analysis shows that LINK prices are still bearish after a long period of sideways trading.LINK’s current trading price is $7.10 after a decline of $7.10 in the last 24 hours. A descending triangle has formed and prices have not been able to break out past the resistance at $7.5.The support at $6.5 is important for the short-term trend of LINK. A break below this level could see prices head towards $5.5 or lower in the near term. On the other hand, a move above $7.5 could see prices test $8.5 or higher in the near term.

Chainlink‘s price has had a trading volume of $1.3 billion in the last 24 hours and a market capitalization of $3.3 billion. The market has witnessed some selling pressure at higher levels and this has resulted in prices falling back below $7.5.LINK occupies 0.35 percent of the total cryptocurrency market and is currently ranked number 22 in terms of market capitalization.

Chainlink (LINK) price movement in the last 24 hours: Bears adamant below $7.5

Chainlink prices analysis in the last 24 hours indicates the prices have been trading between a range of $7.01 and $7.41.The prices have been trading in a descending triangle pattern for some time now and have not been able to sustain themselves at higher levels. The market volatility for LINK price is currently high as indicated by the bulging Bollinger bands. The upper band is touching the $7.41 level and the lower band is at the $8.97 level, indicating the prices might witness some consolidation in the near term.

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Technical indicators for LINK/USDT by Tradingview

The 50-day moving average is at $6.83 levels and the 200-day moving average is at $5.14 levels. Also, the SMA lines are sloping downwards, signifying the bearish trend in prices. The Stochastic RSI is currently giving a sell signal as the %k line has crossed below the %d line. The Relative Strength Index (RSI) for LINK prices is currently at 53 levels and is neutral in nature, with no clear trend.

The pivot point for Chainlink prices is at $7.15 levels and the support levels are at $6.85, $6.55, and $6.25 levels. The resistance levels are at $7.45, $7.75, and $8.05 levels.”

Chainlink price analysis: Recent development and further technical indications

Chainlink price analysis on the 4-hour price shows that LINK has formed a descending triangle pattern and is currently trading at $7.10.The prices have not been able to break out of the $7.5 resistance and have fallen back below the $7.3 level. The market is currently bearish and a break below the $6.5 level could see prices head towards $5.5 in the near term.

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Technical indicators for LINK/USDT by Tradingview61

On the other hand, a move above $7.5 could see prices test $8.5 or higher in the short term. The Bollinger bands are widening, which indicates increased volatility in the market. The 50-day moving average is at $6.83 levels and the 200-day moving average is at $5.14 levels.

The Moving Average Convergence Divergence (MACD) indicator shows that the MACD line has crossed below the signal line, indicating a bearish trend in prices.

The RSI line is currently on the bearish side but is close to the 50 level, which indicates that prices might witness some consolidation in the near term.

Chainlink price analysis conclusion

To sum up, Chainlink price analysis shows the market is still in a bearish trend. The bears will need to break out of the $7.5 level for prices to move higher. Prices might test the $8.5 level or higher in the near term if the bulls are able to sustain themselves at higher levels.

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

joel

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.He loves content and creating features on cryptocurrency.

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