- Chainlink price expected to retest $32
- ADA faces resistance in crossing above the $30.750 mark
- The closest support level lies at $30.00 and further below at $29.00.
Chainlink price action has found support at the $29.00 mark after being rejected from the $33.00 mark. While LINK appears to be making a V-shaped recovery, the selling pressure at the $30.750 mark resists a bullish notion.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording slight losses over the period. These include Bitcoin and Ethereum that record losses of 2.49 and 1.98 percent, respectively.
Technical indicators for BNB/USDT
Across the technical indicators, the MACD exhibited a bearish reversal yesterday as the Chainlink price dropped from above $33 to below the $30 mark. Since then, the bearish momentum has grown significantly, as shown in the large red histogram. Both of the EMAs are moving downwards, with the 26-EMA catching up to the 12-EMA in recent hours. The indicator is currently bearish but shows a bullish presence at the price level.
The RSI is neutral and trades close to 50.00 as it rises towards the 60.00 mark. The indicator briefly rose to the overbought region, but the correction has caused it to drop back to the neutral zone. Currently, the indicator is moving upwards at a low slope, suggesting a bullish presence at the current price level.
The Bollinger Bands are were wide until yesterday, but since the rejection at the $33.00 mark, the indicator has started converging. Currently, the indicator is expected to converge further as the price returns to the bands’ mean line. The indicator suggests a drop in price volatility across the short term.
Overall, the 4-hour technical analysis issues a buy signal of reasonable strength, suggesting an upwards price action for the Chainlink price. The analysis shows 13 of the 26 major technical indicators exhibiting support for a positive price action across the timeframe, while only four indicators suggest a bearish retracement. Meanwhile, nine indicators sit on the fence and do not issue any signals at the time of writing.
The 24-hour technical analysis accentuates this sentiment and issues a “strong-buy” signal with 15 indicators in favour of a bullish price action against only one indicator suggesting otherwise. Meanwhile, 10 indicators remain neutral and do not issue any signals supporting either side of the market.
Traders should expect the Chainlink price to rise to retest the $33.00 resistance level. The positive technical indicators and the supportive technical analyses support an upwards price action. Furthermore, the trade volume remains high, suggesting potential for sharp movement in either direction.
However, there is strong resistance at the $30.750 price level and further above at the $33.00 mark. If the price action fails to rise to the $31.00 mark, LINK may observe retracement to the $26.50 mark before stabilizing. Conversely, the price action may be rejected at the $33.00 mark and start consolidation above the $30.00 mark.
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.