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- LINK price is currently taking the support of 100 EMA on the daily chart. The price is currently forming a doji pattern hinting at the indecisive nature of investors.
- LINK price is currently trading at $30.68 with an intraday gain of 2.8%. In contrast the LINK/BTC pair is seeing a consolidated momentum with a gain of 0.5%
What Does The Transaction History Tell About The LINK Token Price?
LINK token price is currently at $30.3 with a gain of 2.5% in intraday session. The large transaction history tells whether whales are entering into the token. If we look at the transaction history of the Chainlink for the last three months we find that there is an incremental decrease in the large transaction of the coin. Since March 2021 the large transactions have approximately halved in value. This had a direct impact on the Chainlink price.
There is an increase in positive sentiment for the Chainlink across the social media platform. This tells that the large transaction might pick up pace across the network in the near future. It could also have a positive impact on the price and it can break the previous resistance of the past.
Technical Indicators Hints At A Positive Breakout For LINK Token Price
The weekly technical chart of the price hints towards the positive momentum for the price. On the daily chart the price is facing a resistance from the 100 Exponential Moving Average . The price is currently in between 0.68 and 0.786 fib. If the price goes above 0.68 fib then a strong uptrend in the price can be seen. Resistance for the LINK on going upside can be seen near $42. On the down side price can see a bounceback from $20. LINK/BTC pair might also observe a strong uptrend in the price in near future
RSI( Bearish): RSI for the LINK token is at 47.78 with a small negative slope. The negative slope in the price hints towards a downside correction. One should wait for the RSI to recover to the overbought zone before making any investment decisions.
Conclusion
LINK token price has recently lost more than 60% of the gains in the downtrend. LINK price can revert back to bull rally after a small correction..An Investor should do their due diligence before investing.
Technical Levels
Major Resistance:$42
Major Support:$20
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.
