- Chainlink price expected to rise to $44.
- LINK faces resistance at the $42 mark.
- The closest support level lies at $40.
In the past week, Chainlink price eclipsed the $44.00 mark; however, it was unable to carry on its bullish rally and has dropped down to below $40.00. While the price at press time holds just below $40.00, the bearish pressure is very strong, and the price may fall further in the immediate future.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies are recording profits across the timeframe. Major players include DOGE and XRP that record a 40.22 and an 18.33 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 6.52 and an 8.77 percent hike, respectively.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows declining bullish momentum as observed in the light red histogram. The indicator has been bearish for three days. Across the EMAs, the 12-EMA still trades below the 26-EMA, the difference between the two is negligible, and they may show a reversal at any time.
The RSI is currently trading in the neutral zone just below the 52.00 mark and has been in the neutral region for the past five days with high bearish momentum. However, since yesterday spikes towards the overbought region suggest the buyers are fighting back. At press time, the RSI has had a small spike towards the oversold region, issuing increasing bearish momentum giving a clear indication to sell.
The Bollinger bands are currently wide but will converge in the future due to the presence of dark red candlesticks. The bands’ convergence suggests a decrease in volatility for the Chainlink price. Meanwhile, as the Chainlink price is consolidating below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 11 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only five indicators issue sell signals suggesting a bearish retracement. Meanwhile, 10 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 16 of the 26 indicators suggesting a bullish movement against only one indicator, which suggests bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
Chainlink price was recently rejected from the $42.00 mark, but the price action finds support at the $40.00 mark. With the positive market sentiment and supportive technical analyses, traders should expect the Chainlink price to establish a foothold at the $40.00 mark as the price recovers. As such LINK can be expected to retest the $44.00 mark in the next few days.
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