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- 1 Chainlink price is currently trading at $6.069 with a spike of 0.65% in the last 24 hours with a current market cap of $3.276 Billion.
- 2 Technical indicators suggest the consolidation phase of LINK.
- 3 LINK price has been consolidating inside the horizontal price range of $5.00 and $9.00 over the daily time frame chart.
The trend of Chainlink price is unclear, as neither the bears nor the bulls have a strong hold on it. Investors should wait for more signs from different technical indicators to determine the direction of the trend. The volume candles show a slight rise in green which means that the LINK price is drawing more buyers at the zone where there is more demand.
Investor sentiments regarding the LINK price are indecisive currently and may remain negative unless the buyers start stepping into the price action with substantial momentum. However, according to the technical indicators and price action, the odds are lining up in the bulls’ favor.
LINK price needs to attract buyers to surge towards the upper trendline of the consolidation phase over the daily time frame chart. Meanwhile, the LINK price is trying to gather support and surge towards 20, 50, 100, and 200-day daily moving averages. LINK has been consolidating inside the horizontal price range of $5.00 and $9.00.
How Will Chainlink Price Rise From Ashes?
Chainlink must register its breakout from the consolidation phase over the daily time frame chart. Nevertheless, LINK’s price has inclined around 0.68% in a week but lost -14.99% in a month.
Also, the LINK price inclines around 0.03% in the last three months and is down by -11.98% over the last six months. Year-to-date LINK gave a total return of 8.83%. Moreover, the above data describe the struggle between the bulls and bears throughout the year.
Chainlink price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, LINK needs to accumulate buyers in order to surge towards its recovery phase. Meanwhile, the LINK share price has slipped below the 20, 50, 100, and 200-day daily moving average and a death cross has been seen on the chart.
Technical indicators suggest the consolidation phase of the LINK price. Relative strength index (RSI) showcases the sideways momentum of LINK. RSI was at 41 and is trading in the oversold territory. MACD exhibits the consolidation phase of the LINK share price. The MACD line is flat above the signal line waiting for any type of crossover. Investors in LINK need to wait for any directional change over the daily time frame chart.
Summary
On the technical chart, the LINK price has been consolidated between the horizontal price range of $5.00 and $9.00. However, in order to approach its recovery phase, Chainlink must amass purchasers. The price of LINK dropped -14.73% in a month. Technical indicators point to a period of price consolidation for LINK. Investors in LINK must watch the daily time frame chart for any directional changes. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
- Support Levels: $5.106 and $4.338.
- Resistance Levels: $7.277 and $8.680.
Disclaimer
The analysis delivered in this article is for informational and educational purposes only. Do not depend on this information as financial, investment, or trading recommendations. Investing and trading apply risk. Please assess your situation and risk tolerance before making any investment decisions.
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.
