- Chainlink showed a significant positive momentum in today’s market with 1.50% growth.
- The cryptoasset has also reclaimed the crucial mark of $3.70 indicating future bullish movement.
On the 7day-weekly chart, Chainlink started with a safe level of $3.70 and the overall bearish movement in the market has brought the price consolidation scenario for the cryptoasset.
The cryptoasset gradually gained momentum to the price level of $3.00 and now the price level is back again to a safe spot of $3.70.
From here on, chainlink can sustain the price mark of $3.50 and build on bullish momentum to the level of $4.00. However, it will be facing a minor resistance of $3.80 in the price growth process.
As of now, chainlink is now having a strong support level of $3.50. Any price fall below the price mark will again result in a major downfall for the altcoin.
Chainlink Technical Analysis
The technical graph reflects the heavy downtrend faced by chainlink which forced a huge drop from the price level of $4.00 to the level of $1.70.
The MACD levels have to sustain a bullish zone which is a positive sign for the cryptoasset. The levels also suggest that there can be a condition of the bearish cross in the bullish region.
The 24hr- RSI is showing downtrend nature with the level of 55. Any further downfall below the level of 50 will invite bears into play again
The 24hr-CCI had a negative divergence from the overbought region and can sustain it in the normal zone. However, due to the profit booking momentum present for the cryptoasset in the market, it may reach the oversold region.
Resistance level: $3.80 and $4.00
Support level: $3.50