Yesterday’s Bitcoin bullish curve might be sending bullish signals across the altcoin markets. Chainlink‘s MACD indicator turned from red to green yesterday; after spending the past few weeks in the bearish zone. Chainlink’s blue line adjusted above the signal line to indicate a buy action. The bulls are anticipating a recovery above the mean streak to strengthen their price control against the bears.
However, selling pressure remains congested along with the 50 simple moving average resistance. If the bulls fail to crash this resistance, a downward correction will take place. There is a $28.77 support on the downside, and the altcoin remains hopeful of remaining intact above the $1.00 price level.
Chainlink opened the daily chart at $29.98 against the US dollar. And then faced a sharp drop of $28.72 before recovering in an ascending channel. Since the early morning trading hours, the coin has been facing stiff resistance and undergoing mild corrections. A key bearish zone is forming below the $29.12 support on the 1-hour chart. The bulls should find a way to overturn the downward trend and push for an upward correction above the 50-SMA.
Generally, the coin is also preparing for a massive liftoff. A positive signal is a symmetrical triangle that’s taking shape on the 4-hour chart. The pattern is indicating an upcoming price consolidation ahead of a hot breakout. Remember, symmetrical chart triangles are popular when drafting exact targets and pinpointing high and low points. Nonetheless, if the coin will undergo an upward movement, it must first overcome seller action resistance at the 50-day Simple Moving Average.
Chainlink traded at a low of $28.72 on the 24-hour trading chart—the high marked territory at $30.51 and a negative percentage gain of 2.71%.
Chainlink’s daily chart seems to be sloping below $29.90 support on the 4-hour chart. This is despite ignoring negative bearish signs yesterday and surging upwards. A technical pattern has taken shape on the 4-hour chart, which is signaling the highly anticipated breakout. However, before that, the bulls need to battle a strong key resistance at the 50-SMA.
Relative Strength Indicator is within a bearish zone (at 37). Simultaneously, the stochastic indicator is awaiting a bullish cross around the oversold region (at 5). The LINK/USD pair is also trading below the 100 Simple Moving Average ($30). An ascending trendline is slowly forming around the 100 SMA, and hopefully, bulls will overcome a price hurdle at $30.4
Chainlink was trading near the $31 high throughout February. The coin has, however, undergone a gradual downswing since the beginning of March. As a result, the coin’s price is now caught within a stalemate between the price range of $28.00 and $31.00 for the past two weeks. Chainlink has to break this stalemate if any hopes of a bullish direction are to hold.
This post was last modified on March 15, 2021 10:24 am
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