Chainlink price action has found strong support below the $28.00 level and concluded the downtrend it had been trading in since being rejected at $32. Currently, LINK is making a recovery to the $30.00 mark as the bulls attempt to charge at the $32 mark once again.
Across the technical indicators, the MACD is bearish, as represented by the red histogram. However, the indicator shows low bearish momentum, which has been decreasing in recent hours, as indicated by the light red color of the histogram. Among the two EMAs, the 12-EMA is moving along the x-axis as the price action finds support at the $28.00 mark. The 26-EMA is still moving downwards, suggesting a bullish crossover to occur with the next few candlesticks.
The RSI was heading downwards until yesterday, but since the price action stabilized at the $28 mark, the indicator did not dive into the oversold region. Currently, the indicator trades within the neutral zone close to 50.00 as the price recovers to the $30.00 mark.
The Bollinger Bands are currently narrow and show further convergence as the price oscillates around the indicator’s mean line. Currently, the indicator’s upper and lower limits are moving horizontally, suggesting low momentum towards either side. This suggests low volatility for Chainlink price across the short-term charts.
Overall, the 4-hour technical analysis issues a sell signal with 12 of the 26 major technical indicators issuing signals in support of a downwards price movement across the timeframe. On the other hand, only four of the indicators issue support for a bullish movement while the remaining 10 indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis contradicts this sentiment and issues a buy signal with the majority of indicators leaning towards a bullish price action. However, the signal is feeble as only 9 of the 26 indicators issue support for the bulls while seven indicators issue signals supporting the bears. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
The contradiction between the two technical analyses suggests a turnover of momentum as the bears hand the reins to the bulls. However, it also suggests a lack of momentum at press time, and the price may continue its breakdown if the price action fails to recover to the $30 mark.
Traders should expect the Chainlink price to recover to the $30.00 mark before rising to test the $32 resistance once again. Traders should expect the break above the mark but only briefly as the price action is expected to find strong resistance at the $34 mark.
Conversely, if Chainlink price fails to break above the $30 mark, LINK would return to the $28.00 mark with potential for further downwards movement.
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.
This post was last modified on March 15, 2021 9:58 am
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