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Chainlink price analysis: Bullish crossover on the cards as LINK holds key support at the $13.35 level

LINK

TL;DR Breakdown

  • Chainlink price analysis is bearish
  • Current resistance is present at the $14.5 level
  • Chainlink prices are down by only 0.55 percent
Chainlink price analysis: Bullish crossover on the cards as LINK holds key support at the $13.35 level 1
Cryptocurrencies prices heatmap, source: Coin360

Today’s Chainlink price analysis shows a bearish trend as bears seem to be exhausted. Prices have found support at $13.35 and we might see a bullish crossover soon. Chainlink prices are currently under bearish pressure as the market corrects from the all-time high price of $20. However, bulls have so far managed to defend the $13.35 support level well. A daily close below this level could see prices fall to $12.5. On the other hand, a move above $14.5 would invalidate this bearish scenario.

Chainlink price movement over the last 24 hours shows a mixed trend. The market started the day on a positive note as prices surged to $14.8. However, bears soon took control of the market and pushed prices down to $13.9. Prices have since retraced and are currently trading at $13.59.The LINK prices have been alternating between a range of $14.3 and $13.35 over the last 12 hours, with no significant breakout insight. The trading volume has however decreased and is now at $420,825,841.72 as the cryptocurrency ranks position 24 in the overall digital assets market.

Chainlink price action on a 1-day price chart: Bearish trend fades as LINK recovers from $13.35 support

Chainlink price analysis on a 1-day price chart shows a market that is currently caught in a consolidation phase after the recent sell-off from all-time highs. Prices have managed to find some support at the $13.35 level and are now trading around this price area. A bullish crossover on the MACD indicator could see prices move higher as bulls look to resume the uptrend. On the other hand, a move below $13.35 could see prices fall to the $12.5 support level.

Chainlink price analysis: Bullish crossover on the cards as LINK holds key support at the $13.35 level 2
LINK/USD 1-day price chart, source: TradingView

The SMA 50 and SMA 200 are currently trending sideways, which further confirms the market is in a consolidation phase. The RSI indicator is currently at the 50 level, which shows that the market is evenly balanced between bulls and bears. A move above $14.5 would invalidate this bearish scenario. The market volatility for LINK prices is neutral as the Bollinger Bands have narrowed and are currently flat.

Chainlink price analysis on a 4-hour price chart: Recent developments and further technical analysis

Chainlink price analysis on a 4-hour price chart shows that the market is currently in a consolidation phase as prices fluctuate between $13.8 and $14. The MACD indicator is currently in the bearish zone but is slowly moving towards the bullish zone. A bullish crossover is likely to occur as bulls look to resume the uptrend. On the other hand, a move below $13.8 could see prices fall further to the $13.35 support level.

Chainlink price analysis: Bullish crossover on the cards as LINK holds key support at the $13.35 level 3
LINK/USD 4-hour price chart, source: TradingView

The Bollinger bands are currently in a state of contraction which indicates that prices are likely to remain range-bound in the near term. The RSI indicator is currently at the 50 level, which shows that the market is evenly balanced between bulls and bears. The SMA lines are currently trending sideways, which further confirms the market is in a consolidation phase.

Chainlink price analysis conclusion

Chainlink prices are currently under bearish pressure as the market corrects from the all-time high price of $20. However, bulls have so far managed to defend the $13.35 support level well. A daily close below this level could see prices fall to $12.5. On the other hand, a move above $14.5 would invalidate this bearish scenario. However, a downward move may be limited as the $13.35 level is likely to act as a strong support level. The technical indicators on the 4-hour and 1-day price chart are currently giving mixed signals.

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.
joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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