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- Chainlink price is again trading under selling pressure since last week.
- During the retracement phase, buyers take support at the 20-day moving average.
- The trading volume increased by 32.4% to $294.2 million in the last 24 hours.
For the past several trading sessions, the price of Chainlink has been stabilising inside a broad horizontal band. Despite holding in a broad range, Chainlink pricing has excelled over the last two weeks, as price movement in the near term continues to establish a positive trend.
Chainlink is still trading at $6.87 versus the USDT pair at the time of writing. However, the cryptocurrency’s price has been hovering around $6 since early May, when it hit a low of $5.53. During this time span, the LINK price was continuously denied by the $6 resistance region. Buyers are currently under selling pressure..
Since early December, the Chainlink price has moved down so far. This selling occurs just because of a long-legged doji candle which had formed on 1 December. Meanwhile, this frequently downtrend drove asset prices closer to the 20 day moving average in the context of daily price scale. This is the only support level present on which bills can trust. If buyers fail to hold Chainlink price above this level then $5.7 mark will be the next pumping area.
The trading volume is gradually decreasing this week. Conversely, Trading volume increased 32.4% in the last 24 hours, reported at $294.2 Million but still it is lower than average trading volume.
On the daily price chart, the RSI indicator signals a sell in the Chainlink crypto as its peaks over the past few days are showing a head and shoulders pattern. At that point, it slipped below the semi-line. On the other hand, the MACD still remains in the positive zone.
conclusion
The Chainlink price is trading above the 20-day moving average due to the momentum of the downtrend. Buyers should hold this level to save themselves from another bloodbath.
Technical Levels
Support level – $9.5 and $15
Resistance level – $6.5 and $6.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
