- Chainlink price is expected to observe sideways movement around the $33 mark.
- The closest support level lies at $30.
- LINK faces resistance at the $35 mark.
After falling to the $30.0 mark, Chainlink price found strong support that enabled LIN to bounce back to the $35.00 mark. However, the price action was rejected from the level a second time due to and is falling back. Chainlink price action is still facing strong selling pressure that makes it difficult for LINK to climb above $35.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include ADA and BNB that record a 14.79 and a 9.75 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 23.32 and a 5.72 percent hike.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD exhibited a bearish reversal on the 22nd of April and has remained bearish ever since. While the indicator was showing strong bearish momentum until yesterday, the size of the red histogram has decreased significantly in recent hours. Across the EMAs, the 26-EMA is catching up to the 12-EMA, which trades almost horizontally. Overall, the MACD will exhibit a bullish reversal if the Chainlink price rises to the $36.00 mark.
The RSI is neutral and trades close to the 50.00 mark showing low momentum towards either side. While the indicator currently trades at a low gradient, its mean position leaves room for sharp price movement in either direction.
The Bollinger Bands are currently wide but may show convergence as the Chainlink price approaches the indicator’s mean line. Currently, the indicator is leaning downwards, suggesting strong selling pressure at the current price level. Overall, the bands suggest high price volatility for LINK in the short term.
Overall, the 4-hour technical analysis issues a sell signal with 14 of the 26 major technical analyses showing support for the bears, suggesting movement downwards for the Chainlink price across the timeframe. On the other hand, only two indicators show support for the bulls suggesting an upwards breakout. Meanwhile, 10 indicators sit on the fence and do not support either side at the time of writing.
The 24-hour technical analysis contradicts this sentiment and issues a weak buy signal, with nine of the indicators leaning towards the bulls against eight indicators suggesting a bearish price action. Meanwhile, nine indicators remain neutral and do not issue any signals supporting either side of the market.
Traders should expect the Chainlink price to fall back to observe sideways movement at the current price level for the next few days. The price action needs high trade volume to break above the $35.00 mark, while a drop below the $30.00 is unlikely given the strong bullish pressure at the level. The mixed technical analyses also show a lack of momentum, suggesting sideways movement before a breakout can happen.
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.