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- LINK price after growing continuously is now interrupted by the sellers which are pushing the price over the daily price chart.
- The crypto asset is moving above the 20, 50, and 100 days moving average over the daily chart.
- The LINK/BTC pair is at 0.0003755 BTC with a loss of 2.09% in it.
LINK price after growing continuously is now interrupted by the sellers which are pushing the price over the daily price chart. The LINK price growing continuously is attracting the sellers which are now making the price sink. Well, the token needs to attract the buyers so the ecosystem can be supported and these sellers can not make a trend reversal and destroy the recovery efforts.
The recovery was conspicuous but still, the investors are facing losses, soo the LINK bulls need to work consistently to preserve their efforts over the token. A sign of relief for the investors is the trending volume as it is at a considerable gain of 17.49% over the intraday trading session, and if not focused may start sinking.
The current price for one LINK token is trading at 9.19 USD which is at an insignificant loss of 0.23% in the last 24 hrs. The token has a trading volume of 589 million with an increase of 17.49% in the 24 hrs trading session and has a market cap of 4.3 billion. The volume market cap ratio is 0.1402.
What do Technical Indicators Suggest?
Observing the technical indicators we can observe a positive cross over the multiple EMA which is good news for the investors.
The MACD indicator shows the buyer’s line is moving above the seller’s signal line which signifies that the buyers are still dominant but as the selling pressure is increasing the histograms have started fading. The relative strength index is indicating an overbought which is attracting sellers and is a major reason for the fall in price. The investors can make an exit from the market at this point, but those who are willing to enter need to wait for the opportunity.
Conclusion
LINK price after growing continuously is now interrupted by the sellers which are pushing the price over the daily price chart. The recovery was conspicuous but still, the investors are facing losses, soo the LINK bulls need to work consistently to preserve their efforts over the token. An overall uptrend is expected by the analysts but the other indicators are indicating the price is overbought and the same is the reason for the sinking price.
Technical levels
Resistance levels: $9.72 and $11.75
Support levels: $8.23 and $7.65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
