Home
News
- 1 At press time, the Chainlink crypto was trading close to $20.46 recording a negative intraday development of 1.39%.
- 2 The daily chart shows the formation of a rising wedge pattern.
The Chainlink crypto is extending its move on the lower side after pausing on Wednesday. At the time of writing, the LINK price had slumped nearly 1.39% and was hovering near $20.46.
The daily chart displays the formation of a rising wedge pattern near the recent highs. Recently, The price suffered rejection from the higher boundary of the wedge formed and made its way towards the lower boundary of the wedge pattern.
On the lower side, the 20 and 50-Day EMAs have been acting as dynamic support as the price has taken a rebound multiple times for the EMAs. Currently, the LINK cryptocurrency price hovers near the yearly high value and round number of $20.
However, the upward momentum seems to be cooling down as the price seems to be struggling near the highs. It suggests a lack of buyers at the highs which may invite the sellers to execute short positions and price may slump for a correction.
Chainlink Crypto Volume Analysis
Moreover, the Chainlink crypto noted a substantial drop in the volume inflow in the last four intraday sessions highlighting a fall in buyer interest at the higher levels. The LINK crypto received $595.05 Million volume in the past 24 hours which is 18.7% lower than that of the previous day’s volume.
It has a current market capitalization of $12.36 Billion and it ranks 15th in the overall crypto market. The current circulating supply is 587.09 Million LINK tokens whereas the total supply is 1 Billion LINK tokens.
Weighted Sentiments Turned Negative: Can LINK Price Correct?
The above chart exhibits the contrast between volatility and weighted sentiments in the LINK crypto. Upon examination, it was observed that the volatility has dropped in the last one week.
The weighted sentiment data illustrates the current bias dominating the market whether it is bullish or bearish. It was observed that the overall sentiments have turned bearish in the last couple of sessions which was also observed on the charts as the price dropped after suffering rejection from the upper boundary of the wedge pattern.
Social Dominance And Development Activity Analysis.
The LINK crypto social dominance data reflects its popularity among social media users. The social dominance of the Chainlink crypto has dropped in the past one month indicating that the LINK crypto is losing presence in social media.
Also, the development activity highlights the recent developments and updates occurring in the LINK crypto. The above chart displays that the development activity has been on the rise for the last two months. The development activity exhibits a sustained growth in the last two months.
Chainlink Crypto Price Prediction
The long-term trend outlook is positive which may attract more buyers at the lower levels. Also, the short-term trend outlook is indecisive until the price is maintained inside the upper and lower boundary of the LINK crypto. The breakout or breakdown may decide the next clear trend in the near term.
If the price breaks on the higher side, it may indicate a trend continuation and the crypto may rise to the higher supply levels. The short-term traders and investors may target $25 and $30 next.
Conclusion
The chainlink crypto suffered rejection from the upper boundary of the rising wedge pattern and loomed towards the lower boundary of the wedge pattern. The long-term trend outlook is still positive however, the short-term trend seems to be cooling down as the buyers are losing momentum.
The short-term outlook is indecisive until the crypto is maintained in the range. Any breakout or breakdown on either side may decide the clear trend in the short term. In a breakout scenario, the short-term traders and investors may target $25 and $30 levels.
Technical levels:
- Support Levels: $17.4 and $13.48
- Resistance Levels: $24.85 and $29.41
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
