- Chainlink price retraces below the $14.00 level
- LINK consolidates in the short-term charts
- LINk to break above the $14.00 before rising to $15.00 level
Chainlink (LINK) price rose to $14.69 early today, showing bullish momentum in the market. However, the price started declining rapidly after reaching a high of $15.71. Since then, Litecoin price has been declining, with LINK briefly falling to $12.35 before climbing above the $13.00 level where it currently rests.
The broader cryptocurrency market has also observed sharp bearish movement across the last 24-hours as the Bitcoin price fell below the $34000 mark. Many of the top cryptocurrency assets have also recorded losses across the last 24-hours.
Chainlink price began 2021 with bullish momentum as the price rose from the $11.00 mark towards the $14.00 level by December 4th. The lowest price during the period is $11.088, with the highest at $15.71.
However, the bullish vaporized earlier today Chainlink price retraced sharply from above the $15.00 mark to a low of $12.35. Since then, the price has climbed above the $13.00 price level, but the momentum has been low towards either side, and LINK oscillates around the $13.50 level.
Across the technical indicators, the MACD shows declining bullish movement as the two EMAs continue converging. However, the reversal would be stopped if the LINK closes the day above the $14.00 level.
Since the retracement from the $15.00 level, the RSI has returned to neutral and is currently heading towards the 50.00 mark. This shows that the Chainlink price has room for movement in either direction.
The Bolinger Bands show a similar sentiment as the Bands are currently expanded and show convergence suggesting a decrease in the price volatility in the short term. The indicator suggests that Litecoin price candle size would decrease in the short term as LINK consolidates around the level.
Chainlink price has left the ascending channel it has been trading inside of since yesterday. The price initially declined but then came to a rest at the $13.00 level, which shows strong pressure from the buyers preventing the price from falling any further. However, LINK faces strong resistance in crossing above the $14.00 level.
If LINK stays above the $13.00 level for the next few hours, the buyers can be expected to initiate a bullish rally above the $14.00 level. However, if LINK falls below the $13.00 level, Chainlink may fall to the $12.00 price level and further below to support level at $11.00.
Litecoin price across the weekly charts
Across the weekly frames, Chainlink price continues its consolidation between the $12.00 and the $14.00 mark. LINK has been trading between the price level since mid-November, and the recent retracement sends it back inside the channel.
LINK has the opportunity to break the trend, but only if LINK continues trading above the $13.00 level support on the short-term chart. If price breaks above the channel, LINK may rise swiftly to the $16.00 level.
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