Chainlink price analysis: LINK provides buying opportunity in bid to move back up to $30

Dogecoin price analysis

TL;DR Breakdown

  • Chainlink price down 4 percent on the day to move below $20.27
  • Trading volume dipped 15 percent to paint bearish outlook
  • Price does however present buying opportunity before launching towards $30

Chainlink price analysis for the day shows a bearish picture, as price moved below the crucial 25 and 50-day exponential moving averages (EMAs) to a low of $19.72. Trading volume also dipped more than 15 percent, as LINK gave up on the 41 percent increment made from the December 15 swing low. Price currently sits at $20.29, providing a discounted entry for buyers to come into the market. The current outlook for LINK presents a long setup for a buy stop order at $22.50 and a profit target at $35 with a stop loss at $20.50. This trade setup would aim to provide a 6:5:1 reward.

The larger cryptocurrency market continued to bleed over the last 24 hours, with Bitcoin dropping down to $47,630 and Ethereum dropping almost 2 percent to sit at $3,763. Among Altcoins, Solana, Ripple and Cardano all declined 3 percent each, while Terra, Dogecoin and Litecoin made minor increments.

Chainlink price analysis: LINK provides buying opportunity in bid to move back up to $30 1
Chainlink price analysis: Cryptocurrency heat map. Source: Coin360

LINK/USD 24-hour chart: Pole pattern suggests hypothetical upturn from current dip

The 24-hour chart for Chainlink price analysis shows a pole pattern, that indicates a potential subsequent rise from the current trend. The Relative Strength Index (RSI) value of 45.23 also shows some encouragement in terms of market valuation, if LINK can garner more impetus over the coming days. Having moved below the crucial EMAs, LINK price has just moved into the lower half of the Bollinger Bands’ curves, suggesting that there is further pullback to come.

Chainlink price analysis: LINK provides buying opportunity in bid to move back up to $30 2
Chainlink price analysis: 24-hour chart. Source: Trading View

LINK/USD 4-hour chart: Price set to test $18 support

On the 4-hour chart for the LINK/USD trade pair, price can be seen in free fall after the day’s decline and could be in line to drop as low as $18 over the coming short-term trade. The 4-hour RSI shows a bleak market valuation of 36.64, while the Moving Average Convergence Divergence (MACD) curve also sits well below its neutral zone and the 0.00 mark. These indicators confirm that LINK is set to test the support floor at $18 and could well be in line to move down to July high of $16.74.

Chainlink price analysis: LINK provides buying opportunity in bid to move back up to $30 3
Chainlink price analysis: 4-hour chart. Source: Trading View

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

WAHED Projects Donates 5 Million WAHED Coins to Fund Autism Research and Therapy
Bitcoin, Binance Coin, Shiba Inu, and Tron Daily Price Analyses – 3 December Morning Prediction
Alameda/FTX invested heavily in Bitcoin miner Genesis Digital
Polkadot price analysis: Bulls push price back up above $5.58 after a sharp increase
ChainLink price analysis: LINK obtains bearish momentum at $7.4

Follow Us

Industry News

MetaMask founder comments on Apple's demand for a 30% cut of the NFT gas fee
Stripe unveils new crypto to fiat feature
'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?

Add Your Heading Text Here