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- Chainlink failed to sustain at $30.80 and fell at $26.50 on Friday’s Trading session
- The SuperTrend indicator projects a buy signal, until now no signs downtrend has been observed
- The LINK/BTC pair was trading at 0.000561 BTC with a loss of 5.05%
The 4-hour technical chart of Chainlink projects a buy signal with an uptrend presented by the SuperTrend indicator. Investors are meant to sell when this indicator turns from red to green while moving below the price. However long the SuperTrend signals a bullish trend, Chainlink’s downtrend is ensured.
Confirmation of Downtrend in Chainlink 
Source: LINK/USD on TradingView
Chainlink price was $26.50. According to pivot points, LINK’s critical support level is placed at $23.13. Whereas if it moves up, the key resistance level to watch is $30.82. While diving into the weekly chart of a 4-hour time-frame, it completes a doji star candlestick pattern, which looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns.
SMA-50 & 100 acts as another strong support in the coin. SMA-50 (purple) moves below the SMA-100 (white), which projects a negative trend. Investors can observe a negative crossover on February 26, 2021, which is a confirmation that the price will fall.
RSI indicator (BEARISH), with a value of 40 indicates a sell signal in the coin, investors can observe a downward slope in RSI from 64 to 40, Investors should hold the asset and wait for the RSI to reverse the trend.
Chainlink is Going to Test The Support
Chainlink traded at $26.50 with a loss of 8.24% in the last 24-hour timeframe. On the weekly timeframe, LINK is maintaining a gain of 6.0%. In contrast, the market capitalization stands at $10 billion. Technically, Chainlink price slipped below the SMA-50 on Friday’s trading session and may soon test the support level of $23.13.
Resistance: $30.82
Support: $23.13
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. 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.
