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- Chainlink price is currently facing bearish momentum with a negative crossover on its way.
- Technical indicators suggest a negative move for the LINK/USD pair. Meanwhile the LINK/BTC pair is seeing a gain of 0.47%.
Chainlink price is currently at the value of $26.82 with a gain of 1.39%. LINK price on going upwards will see a resistance at the value of $31.2 and on the downside it will support at the value of $25. Chainlink price is trading over 50 and 200-MA. The 50-MA line is at the value of $27.5 making it a temporary support. LINKprice might face a negative crossover on the 50 Moving Average. If the price goes below the 50 and 100-MA then a strong bearish momentum upto $15.00 is expected.
Chainlink is currently at 10th rank with the market capitalization of $11,139,017,139. Its volume traded in the last 24-hour has seen a loss of 40.78% in the intraday session.
LINK Bears Ready For Hunt
Chainlink technical chart indicates a bearish momentum on weekly and daily charts. The coin price on daily chart is in a strong bearish mode. Coming to the shorter time frame of the 4-hour chart, it is forming a supply zone. If the price jumps above the supply zone then its next destination could be $50.00. The LINK/BTC pair is currently at the value of 0.0005642 BTC with a gain of 1.19%. These pairs can see a worthwhile gain in the future.
RSI(Bearish): It is currently trailing at the value of 44.9 showcasing its presence in the overbought zone. There is a negative slope formation in the RSI which highlights that the price may see a reversal before retracing back to the higher levels. The overall sentiment of RSI is negative
Conclusion
Chainlink has given a great return in the past to its investors. The LINK/BTC pair is also performing well and can see a great return in the upcoming days.The overall technical analysis tells that it is a great project and can give a great return to the investors . Investors should do thorough diligence before investing.
Technical Levels
Major Support:$25
Major Resistance:$31
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
