- Chainlink price is currently trading at $7.448 with a decrease of -0.88% during the intraday session.
- The 24 hour trading volume of LINK is down by 3.76%.
- Link price is in bearish move.
ChainLink price recently formed a bullish pennant chart pattern and surged 21% to create a high of $8.80 level. The bullish move did not sustain and bears corrected upward move by pushing price down to almost same level. Link price is currently on a strong bearish move headed towards next immediate support of $7.20. The price momentum states that there is high probability that the price may to break $7.20 support and create a way to set foot on next support of $6.85.
There has been an increase in customer base of ChainLink. 747 new wallets were added on chainlink as of 16 april rising from 475 wallets on april 9, supporting bullish view for the price. ChainLink network saw an increase in the whale activity in past trading days. Whale activity increased by 400% over the last week.
Performance of ChainLInk has not been pretty great in Quarter one of 2023 as the world wide crypto market surged almost 50%. Link price has reached below 20 and 50-day EMA indicating an increasing bearish sentiment in the market. The market capitalization of cryptocurrency has also taken a hit. Market cap fell from $4.47 Billion to $3.88 Billion since 18 March.
The dominance of bearish investors has led to a downward trajectory of the LINK/USDT price. The market sentiment is highly bearish and Link needs to form a support to stop price from melting down and current market condition shows potential for further decrease.
ChainLink Technical Analysis:
The RSI curve dropped from the overbought zone and is currently at 48.11 indicating RSI reached neutral territory and receiving bullish pressure as well. Considering the probability of price to form a support at $7.20 level is high for the price to undergo through a pullback. Cryptocurrency price has crossed the 20-day SMA line and aimed for the lower band of bollinger. The lower band resides at the $6.75 level. The bollinger bands have opened showing increasing volatility in the market. The longs/shorts ratio is at 1.05 with 51.21% longs and 48.79% in the last 24 hours showing increase in buyers action in the price.
+DI is above the -DI, with an ADX of 23.03. +DI has started to dip after bears increased their participation in the market.
Conclusion:
Link price analysis reveals that the present market sentiment is highly bearish and possible further devaluation of the cryptocurrency in the upcoming weeks. Price needs to form support in the market for stopping this melt down. The market structure as well as the price action is bearish for the Link. The technical parameters show the same basis.
Technical levels:
Major support: $7.20 and $6.85.
Major resistance: $7.60 and $8.60.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.