- Chainlink performed a negative momentum on Wednesday’s trading session
- Chainlink coin price is $21.88, which is down by 4.30% in last 24 hour time-frame and 7.28% up from the previous week
- LINK/BTC pair is negative with a loss of 2.26% in Wednesday’s trading session (0.00069487)
Chainlink had negative momentum on the weekly chart, and it went up to $25.65 on January 25, 2021, while breaking above the resistance zones created in the past. LINK price set a mark of all-time high with help of overall market conditions. Meanwhile the trading volume $2,974,377,292.54 in last 24 hour time-frame represents a decreasing value -13.1%. The LINK/ETH pair is in downtrend with a value of (0.016968) which is up by 0.37% in Wednesday’s trading session.
Chainlink Technical Chart Indicates a Negative Momentum
The technical chart of Chainlink highlights a negative trend. While Chainlink coin price is at $21.88. According to pivot points, the key support levels for LINK are placed at $19.28 followed by $17.30. If it moves up, the key resistance levels to watch are $25.77 and $27.67. While Diving into the weekly chart of 15-minute time frame, it forms a three inside down candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.
If we look at 20 & 50 days, the exponential moving average (EMA), 20 EMA (blue line) is at $20.25, and 50 EMA (purple line) is at $17.09. The price is above both the EMA and can expect a bearish trend in the coin for the upcoming trading sessions if it plunges below the EMA.
Volume indicator with the value (1.219M) reflects a huge selling volume in coin. One can further expect an increase in selling volume in the upcoming trading sessions.
MACD indicator (Neutral), No bearish or bullish crossover signal line was spotted on January 27, 2021, during the trading session it indicated a neutral signal in the coin. Also, it denotes the ending of green bars on Histogram.
Meanwhile, the RSI indicator (Bullish) with a value of 56.93 indicates a buy signal in the coin for a short while. One can observe a downward slope in RSI while reflecting a decrease in value in upcoming trading sessions.
Conclusion
Chainlink coin price is down by 4.30 % on Wednesday’s trading session. The price had a pullback from the resistance level $25.77. All technical indicators suggest a sell signal in the coin till the support of $19.28 in next few trading sessions.
Resistance: $25.77, $27.67
Support: $19.28, $17.30
