Home Analysis Chainlink Drops -4.01% in Cryptomarkets Bull Run

Chainlink Drops -4.01% in Cryptomarkets Bull Run

  • The coin trading at the level of $10.42 and drops -4.01% in the last 24-hours with against the bull market
  • The coin is in a bearish momentum as looses -6.95% in the last seven trading sessions and after hitting the resistance of $11.30
  • The volume recorded in the last 24-hours is $1,450,791,108 and the market capitalization stands at $4,051,037,798
chain 01
source: tradingview

On the monthly chart of LINK, the coin has a low of $7.47 and the high at $13.05. The coin has support at the level of $9.86 over the weekly candlestick chart and the resistance at $11.75.  After making the low of $7.47, the price recovery is observed in the coin. As the result, the coin is trading at the level of $10.43. The coin forming the higher highs and lower lows indicate the bullish momentum after touching the level of $7.47 but the coin faced strong resistance at $11.75 and has slipped from the higher level, however, holding the level of $10.00.

The coin has resistance at the level of $11.75 and $11.29 and the support for it at $10.35 and the strong support at $9.60. After testing the support level, a bullish movement is expected in the coming trading session. 

chain 2
source: tradingview

Relative Strength Index (RSI) makes Double top on the indicator chart and the breakdown is observed and the price corrects from the upper levels.owever, the sharp recovery from the level of 30 RSI indicates the bullish movement in the coming trading session.

Commodity Channel Index (CCI) also makes the double top pattern and the breakdown of the pattern pulls the price of the coin but like RSI the CCI also gave sharp recovery from the lower levels.

Support level: $10.35 and $9.60

Resistance: $11.75 and $11.29

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Pratik Chadhokar
Pratik Chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.

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