- LINK token price is trading in a small narrow range on a daily time frame and recently it tried to break out of the supply zone.
- The LINK token price is forming a double bottom pattern on a daily time frame.
- The pair of LINK/BTC is trading at the price of 0.000297 with an increase of 0.48% in the past 24 hours.
LINK token price is following the overall cryptocurrency market trend of bullishness in the past 72 hours. As a result, the token has reached the supply zone after bouncing off the demand zone. At present, the LINK token price is hovering around the supply zone of $7.70. Although the token has again started falling from the supply zone as it formed a big bearish candlestick pattern.
The LINK token price is currently trading below all the vital 59 and 100 Moving averages. Going upwards the LINK token price can face rejection which can lead to a sudden fall. The token gave a fake breakout of 50 MA due to strong bullish momentum but it failed to continue the trend as the token price again now trading below 50 Moving Average. The LINK token price is trading in the middle of the Bollinger band indicator after facing the rejection of the upper band. Volumes have increased causing the volatility to increase which has resulted in the sudden rejection of the supply zone. Investors should wait for a clear breakout and retest the small range before taking any action.
MACD and SUPERTREND are showing bearish signs on the daily time frame as the token faces rejection off the supply zone
The LINK token price is trading below the supply zone in a small range. The token price is forming a bearish flag and pole pattern on an hourly time frame.
Moving Average Convergence Divergence: MACD indicator is bearish as seen on the chart.As the token faced rejection off the supply zone of $7.7 the token fell sharply which resulted in the MACD giving a negative crossover. The MACD indicator turned negative as the orange line crossed the blue line on the upside indicating bearish momentum for the short term.
Supertrend: The LINK token price is trading in a bearish trajectory. The Token has started forming lower low and lower high formations on an hourly time frame which has resulted in the formation of the bearish flag and pole pattern. The super trend indicator gave a sell signal as soon as the LINK token price broke down the buy line. Going forward the LINK token price can face rejections from the supply zone.
RSI and ADX are in a sideways trajectory as the token price halts, what’s next for the LINK token?
The LINK token price is forming a double bottom pattern on the daily time frame, as the price action shows. But it remains to see if the token breaks the supply zone or falls again.
Average Directional Movement Index: ADX has been dipping for the past 24 hours as the token faced rejection at the supply zone of $7.70. At present, the token price has turned sideways and the ADX curve is seen following the trend. Recently, the ADX curve slipped below 25 as the token fell. If the token price again breaks above the supply zone, the ADX curve can be seen turning upwards supporting the bullish trend.
Relative Strength Index: RSI curve is trading at 53.70 as the token reached the supply zone. Although, it has again started falling below as the token is not showing strength. The RSI curve crossed the halfway mark of 50 but for the LINK token price to move up RSI curve needs to sustain above the 50 mark.
Conclusion
The LINK token price is trading in a small range as seen on the daily chart The technical parameters have also turned sideways depicting the trend. It remains to see if the LINK token price breaks above the supply zone or faces rejection and falls back to the support zone.
SUPPORT: $6.0 and $6.5
RESISTANCE: $7.7 and $7.9
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.