- Chainlink price currently, at $13.64245
- Bulls dominate currently, but indicators suggest a bearish turnover
- Long term price analyst shows price is moving inside an ascending channel
Chainlink price opened at $13.362 with declining bearish momentum as the buyers attempted to fight back. While the bulls dominated the markets, a strong bullish rally was not seen as wave-like activity marked the daily session. Currently, the asset trades at $13.64245, showing a 2.21 percent increase from the day’s opening price.
The above chart shows the price action of the LINK/USD pair between 29 November and 2 December 2020.
Chainlink price started the session at $13.090 with slight bearish momentum as the price went through a brief correction. The price found support at $12.850 and initiated a bullish reversal. In the following hours, the price observed slight bullish momentum as the price rose after retesting the support level.
On 30 December, the chart observes a strong bullish movement that drove the price to a high of $14.84 on 1 December. However, the price failed to maintain support at the level and declined back to the support level below $13.0. The support level enabled Chainlink price to bounce back above $13.50, where it currently hovers.
The nearest support level is #13.50, with a stronger support level below $13.00. On the other hand, the price action faces resistance at the $14.00 level.
On the technical indicators, the MACD shows growing bullish momentum as the two EMAs converge. On the other hand, the RSI is neutral and is issuing no signals.
While the price action is currently bullish, the daily trade volume is declining to suggest an exhausted bull market. As such, traders can expect the price to be rejected from the $14.0 resistance level and retest the support level below $13.0.
LINK USD long-term trend analysis
Chainlink price started the year at $1.79 which turned out to be one of the year’s lowest prices as steady bullish rallies carried the price throughout the year. The price ascended with a low trend angle throughout January and February. By March, the price had risen above the $4.00 level and seemed to continue moving upwards. However, the bulls were exhausted, and the price started declining after reaching a high of $4.970 as the buyers failed to break above the $5.00 level.
Subsequently, the price declined to $1.40 before finding a strong support level. Although the buyers did defend the support level, the price did not see an immediate reversal but continued to consolidate at the level until early April. Between April and July, the price moved inside an ascending channel with a low trend angle as both the bulls and the bears failed to take complete control of the markets.
In July, the buyers again initiated a bullish rally, with the bulls quickly gathering strong momentum in the markets. The price rose from $4.50 to $8.80 before meeting resistance; however, after a brief correction, the price resumed its bullish movement and reached $7.81 by the end of the month. The price ascended sharply in the first half of August and reached a $20.0 level before finding resistance.
Following the rejection, the bears took control of the markets, and the price declined until late-September. The price reached a low of &.50 before finding a sufficient support level to bounce back. Since then, the price has been moving inside an ascending channel. Currently, the asset is trading for $13.64245, showing an 1185 percent increase from the year’s opening price.
On the technical indicators, the MACD indicates little momentum on both sides as the two EMAs move together. The RSI is also neutral suggesting that the price would continue moving inside the ascending channel.
With the indicators remaining neutral, the price can be expected to continue moving in this ascending channel. However, the trade volume remains high, suggesting that the price may see high volatility. Currently, key support lies at $12.5, while further downwards movement would indicate the start of a bearish rally.