- Chainlink price expected to retrace to $35.00.
- LTC faces resistance at the $37.00 mark.
- The closest support level lies at $36.00 and further below at $35.00.
Chainlink price has finally broken above the $34 mark and reached above $37 after struggling for the last few days at the $32 and $33 mark. Chainlink price records an over 8.8 percent price hike across the last seven days showing small bullish movement. However, the strong bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major players include the Binance coin and Ripple’s XRP that record a 53 and a 108 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 14.72 and a 20.05 percent hike.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows strong bullish momentum as represented by the dark green histogram. While the indicator briefly dipped to the bearish region yesterday, the indicator reversed quickly as the bulls dominated the market. Across the EMAs, the 12-EMA is trading above the 26-EMA and continues diverging while both EMAs rise.
The RSI is currently trading in the overbought region, issuing a sell signal as the indicator trades just above the 76.00 mark. The indicator has been trading in the overbought region since yesterday, with the bearish momentum increasing in recent hours. Currently, the indicator is moving with a decreased incline, suggesting a bearish presence at the current price level.
The Bollinger bands are currently wide and show further expansion as the price breaks above the bands’ upper limit. Currently, the indicator suggests high volatility for Chainlink price as LINK trades near the indicator’s upper limit.
Overall the 4-hour technical analysis issues a buy signal with 16 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only six indicators issue sell signals suggesting a bearish retracement. Meanwhile, four indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only two indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
Traders should expect Chainlink price action to observe a correction at the price level, causing the price to fall to the $36-35 mark before recovering. While the technical analyses remain bullish across the mid-term charts, the short term suggests high volatility as the recent spike has destabilized the price action.
However, the Chainlink price would continue moving in the ascending channel after the correction as suggested by the technical analyses.
Conversely, if the price breaks below the $35.00 mark, LINK might fall back to the $33.00 and continue consolidating at the level, breaking the current bullish trend.
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.