Is Chainlink Price Level on the Roadmap For Recovery After Gaining 5.00% Over the Day?

  • After facing heavy price damage resulting in an overall loss of 11.82% over the week, Chainlink price level was able to revive its positive momentum in the current market session 
  • The price levels were able to have a positive crossover above the crucial mark of $12.00 with the LINK/BTC pair turning positive again 
Source: Coinmarketcap

Over the weekly chart, Chainlink price level faced a heavy downtrend due to the instability above the bullish mark of $14.00 resulting in a negative breakout below the mark. The support levels of $13.00 and $12.80 held the levels from facing sharp negative divergence for some time; however, as the overall market conditions turned significantly negative, the support levels were also broken below. For the past couple of days, the crypto asset faced severe price damage resulting to arrive at the critical support area of around $11.80. The support area did provide a positive bounce back resulting in a positive crossover above $12.00 in the current market session. 

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The CMP is placed at $12.34 with a significant overall gain of 5.97% bringing the market capitalization to $4,881,972,773 with the 24-hour volume traded of $1,028,872,248. The LINK/BTC pair has also turned positive with an overall gain of 4.88% bringing the current level to 0.00066939 BTC. 

Technical Levels Shows Uncertainty of Significant Recovery for LINK

Source: Tradingview

The technical chart of Chainlink forms a descending triangle pattern over the levels after the crypto asset reached a critical resistance zone around $16.00. Thereafter, the price levels faced sharp negative divergence from which the bounce-back was provided at 0.786fib level. Chainlink is currently facing major resistance which is placed at 0.382fib level ($14.20) and looking to build stability above 0.786fib level. 

The moving average convergence & divergence (MACD) had a bullish crossover which is backing the current positive move but looking vulnerable for another bearish crossover at the same time. 

The relative strength index (RSI) has formed a rising channel pattern in the levels after touching the oversold region twice while the current level stands at 42.63 and moving positively. 

The directional movement index (DMI) is also showcasing positive sentiments as ADX (33.93) moves well-above -DI (26.39). However, ADX is currently showcasing negative nature and needs to avoid it on a longer timeframe. 

Will Chainlink Price Level Retest the Major Resistance of $14.00 Again? 

The overall market conditions have turned positive which can back the current positive move of the digital asset. However, there’s still room for improvement in the technical levels as it looks vulnerable to another negative dip. A positive crossover above $13.00 can provide surety for the retesting of the resistance level. 

Resistance level: $14.50 & $14.00

Support level: $12.00 & $11.80 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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