Chainlink Price Analysis: Will LINK Bounceback After Testing Support of $25.00?

Link struggling for a positive breakout
  • 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%.
Source:Trading view

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

Source:Trading view
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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

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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