Chainlink price analysis: LINK consolidates above $7.0, with a bearish bias

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish for today
  • Chainlink (LINK) is consolidating inside a narrow range between the key resistance level of $7.50 and the support level of $6.90.
  • Chainlink trades at $7.30 after a failed attempt to break the $7.50 resistance level.

Chainlink price analysis for today indicates LINK’s price performance in the last few hours has been dynamic as the bulls and bears battle for control of the market. The bulls have successfully defended the key support of $6.90 and pushed the price to $7.30 while attempting to break the resistance at $7.50.

Chainlink price analysis shows the price of Chainlink has been trading above the Fibonacci retracement level of 23.6% for the past three days, suggesting a bearish bias over the short term. The 200-day simple moving average is currently located at $6.45 and has been providing support to the prices since mid-February. A breakout above $7.50 could trigger a further uptrend in LINK/USD, with immediate resistance levels located at $8.00 and then again at $9.20. Alternatively, if the bears regain control of the market, LINK/USD could break below $6.90 and head towards the next support at $5.90.

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Cryptocurrencies price heatmap: Coin360

Chainlink price analysis on a 1-day price chart: Bears remain in control

The 1-day price chart for Chainlink price analysis shows that the bears have been in control of the market since February 18th. The bears have pushed LINK/USD lower and successfully defended the $7.50 support level until now.

The bears have formed an ascending channel, with lower highs and higher lows, which could result in a breakdown of the support level at $6.90 if LINK/USD fails to break through the resistance levels.

image 541
LINK/USD 24-hour price chart, Source: TradingView

Chainlink’s technical indicators are mostly bearish, with the Relative Strength Index below 50 and the Moving Average Convergence Divergence heading down, indicating a potential bearish reversal in the near future.

The Stochastic RSI is in the overbought zone, suggesting that LINK/USD could soon experience a bearish correction. A strong bullish breakout above $7.50 is needed to confirm any further upward momentum in LINK/USD. On the other hand, a break below $6.90 could push Chainlink further down to the next support at $5.90.

Chainlink price analysis on a 4-hour price chart: LINK consolidates above $7.0

Chainlink price analysis on a 4-hour price chart shows the altcoin has successively tested the $7.50 resistance level without success while trying to break above it. The bears have formed a bearish pennant, with lower highs and higher lows, suggesting that LINK/USD could soon experience a bearish pullback if the resistance at $7.50 is not broken in the near future.

image 540
LINK/USD 4-hour price chart, Source: TradingView

The technical outlook on the 4-hour timeframe is bearish, with both the Relative Strength Index and Moving Average Convergence Divergence heading down. The Stochastic RSI has entered the overbought zone, signaling that a potential bearish reversal may be imminent if LINK/USD fails to break above $7.50 in the near future.

Chainlink price analysis conclusion

Chainlink price analysis for today sums up that LINK’s price is declining in a slow and steady manner as the bears attempt to break below the key resistance of $7.50. If LINK/USD fails to break through this level, it could experience a bearish pullback in the near future. On the other hand, if Chainlink manages to break out above $7.50, it could retest its previous high of $8.00 in the near future.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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