- Chainlink price is expected to face rejection at $40.
- The closest support level lies at $38.
- LINK faces resistance at the $38.5 mark.
Chainlink price has broken above the $32.00 mark and strong bullish momentum has carried the price past the $38.00 mark. Chainlink records an over 18 percent price hike across the last seven days showing steady bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.
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 DOGE, and BNB that record a 16.92 and a 4.28 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 7.54 and a 3.25 percent hike.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has slightly decreased due to an increase in bearish momentum. While the 12-EMA still trades above 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 a little above the 64.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time the RSI has had a small spike towards the oversold region suggesting the buyers are fighting back.
The Bollinger bands are currently wide and will expand in the future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Chainlink price in the short term. Meanwhile, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only three indicators issue sell signals suggesting a bearish retracement. Meanwhile, eight 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 14 of the 26 indicators suggesting a bullish movement against only two indicators suggest a bearish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
Chainlink price action is enjoying steady bullish momentum and has recently broken past the $38.00 mark as LTC near the $40 key level. Looking at the technical, both the short-term indicators and the mid-term analyses show support for the bullish trend. However, the low trade volume makes it difficult for the price action to have a breakout above the $40 mark.
As such, traders should expect the Chainlink price to rise to the $40.00 mark, with an upwards breakout unlikely as speculation runs high.
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.