- Chainlink price expected to rise to $15.00 resistance level
- The nearest support lies at $14.00
- LINK faces resistance at $15.00 and further above at $16.00
Chainlink (LINK) price has been rejected by the $15.00 resistance level, and the bearish pressure has caused the price to descend below the $14.00 mark. At press time, the buyers are hard-pressed to defend the $14.00 support level to prevent the price from declining to yesterday’s low of $12.50.
The broader cryptocurrency market sentiment has been bullish across the last 24-hours as most assets have recovered from yesterday’s losses. These include Bitcoin that has climbed back above the $34,000 mark and currently trades at the $34,430 price level.
Chainlink price started the year with increasing bullish momentum as the price traded with an ascending trendline for the first seven days of the new year. The trend caused the price to rise from the $11.00 level to the $17 mark before meeting resistance.
The resistance level stopped LINK from climbing further, and the price observed a correction to the $14.00 level. While the resistance caused the price to retrace, the bulls were not done yet, and the price rose above the $17.00 level after briefly consolidating around the $15.00 price level.
The price then climbed to the $18.00 level but failed to climb above the level. Subsequently, the price fell to the $12.50 level before finding support. LINK price has recovered since then, but the bullish momentum remains low.
Across the technical indicators, the MACD shows declining bearish pressure as the LINK/USD chart observes green candles. The two EMAs are converging, but the indicator will not show a bullish reversal until the price climbs above the $15.00 level.
The RSI Is neutral but shows a decline suggesting that LINK may decline further before the price stabilizes. However, the neutral position and the low slope of the indicator shows that there is not much selling momentum in the markets.
The Bollinger bands are wide and show further expansion, suggesting that Chainlink may continue to observe high volatility across the short-term charts.
Overall, across the daily frames, 13 of the 28 major technical indicators issue a buy signal while only six indicators issue sell signals. Meanwhile, nine indicators remain neutral and do not indicate support towards either side. However, this contradicts with the four-hour technical analysis that issues a sell signal with 14 indicators suggesting a downwards movement.
Traders should expect the Chainlink price to hold the $14.00 support level before the price rises again to retest the $15.00. If Chainlink’s price climbs above the $15.00 level. LINK is expected to rise above the $16.00 level before consolidating.
Conversely, if Chainlink price falls below the $14.00 level, LINK can be expected to fall to the $12.50 level before finding support. However, the support level appears bleak, and the price may fall to the $12.00 level before finding a foothold.
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.