Chainlink (LINK) Analysis: Chainlink Coin Price Unable To Sustain Bullish Regime Above $15

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  • Chainlink coin price suffered a negative breakout below the crucial bullish mark of $15.00 during the current market session
  • The LINK/ETH pair also turned negative with a loss of -2.04% bringing the current level to 0.01372 ETH
Source: Coinmarketcap

The weekly chart of Chainlink coin price reflects on the significant retracement faced after testing the critical resistance mark of $18.00. The negative trend was halted by the support level of $12.00 and the crypto asset was able to revive its positive momentum. The price levels had a positive breakout above the bullish mark of $15.00 which indicated that chainlink is looking to regain its bullish regime. However, during the current market session, the crypto asset again faced a negative breakout below the mark indicating that the sustainability over the price levels is still running in deficit. 

The CMP is placed at $14.65 with an overall loss of -2.45% bringing the market capitalization to $5,773,094,357 resulting in a decline of -3.55%. The 24-hour volume traded has reached $2,115,003,111 causing a significant decline of 29.43%. 

Chainlink Coin Price Facing Resistance From 50-EMA On Technical Chart

Source: Tradingview
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The technical chart of the Chainlink coin price forms a descending triangle pattern due to the significant downtrend faced after testing the critical resistance area around $18.00. A positive breakout from the descending triangle or 0.5fib level can be a bullish indication for the upcoming trading sessions. Also, after the price candles faced negative crossover with 50-EMA, the price levels were not able to have a positive crossover suggesting that 50-EMA can be acting as a resistance line. 

The moving average convergence & divergence (MACD) looked at the potential for a bullish crossover and the levels might climb above the histogram line. 

The relative strength index (RSI) looked to regain bullish momentum after suffering negative dips towards the oversold region. The current level stands at 54.76. 

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The commodity channel index (CCI) looked for a positive breakout to the overbought region during the market session with the level of 100.53. 

Resistance Level: $15.50 & $18.00

Support Level: $12.50 & $12.00 

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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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