Chainlink Price Analysis: Is LINK Getting Enforced With Consolidation Trap?

Chainlink Technical Chart Indicates a Negative Momentum
  • Chainlink performed a negative momentum on Monday’s trading session
  • Chainlink price is $22.41, which is down by 2.23% in last 24 hour time-frame and 10.21% down from the previous week
  • LINK/BTC pair is negative with a loss of 3.44% in Monday’s trading session (0.00065763)
Source: Coinmarketcap

Chainlink had negative momentum on the weekly chart, and it went up to $25.65 on January 25, 2021, while breaking above the resistance zones created in the past. LINK price set a mark of all-time high. Meanwhile the trading volume $2,509,566,519.24 in the last 24-hour time-frame represents a decreasing value of 14.47%. The LINK/ETH pair is in an uptrend with a value of (0.016909) which is down by 1.54% in Monday’s trading session.

Chainlink Technical Chart Indicates a Negative Momentum

Source: TradingView

The technical chart of Chainlink highlights a negative trend. While Chainlink price is at $22.41. According to pivot points, the key support level for LINK is placed at $20.77. If it moves up, the key resistance level to watch is $25.03. While diving into the weekly chart of 15-minute time frame, it completed a bearish engulfing candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

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Volume indicator with the value (188.815K) reflects a low buying volume in coin. One can further expect a decrease in buying volume in the upcoming trading sessions.

SMA-200, price is at $22.31, which acts as another strong support in the coin. The price is testing the SMA, and investors can expect a bearish trend in the coin if it breaches below the SMA.

MACD indicator (Bearish), no bullish crossover signal line spotted on February 01, 2021,, during the trading session it indicated a sell signal in the coin. Also, it denotes the red bars on Histogram.

Meanwhile, the RSI indicator (Bearish) with a value of 39.52 indicates a sell signal in the coin. One can observe an decrease in value in upcoming trading sessions.

Conclusion 

Chainlink coin price is down by 2.23% on Monday’s trading session. The price tested the SMA of $22.31. Investors can see the price move towards the support level of $20.77. All technical indicators suggest a sell signal in the coin.

Resistance: $25.03

Support: $20.77

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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