Chainlink Presents Potential Buy Opportunities Despite Moving Sideways
06 April 2023 - 9:00PM
NEWSBTC
Over the past few days, the Chainlink price gained momentum. At the
time of writing, however, it encountered selling pressure. The coin
lost 0.7% of its value in the last 24 hours, indicating
consolidation on the chart and erasing most of its gains from the
past week. The technical outlook showed that the bullish strength
of the coin was weakening due to a decline in the number of buyers
due to a decrease in demand and accumulation. Unless the demand
remains positive, the coin may fall below its immediate support
level, bringing in the bears. Related Reading: Dogecoin Dominates
Top 10 Crypto Roster With 20% Rally In Last 7 Days However, if the
demand remains positive, the bulls may attempt to increase the
price. LINK has two crucial support levels. Its performance depends
on the broader market strength, which has been uncertain as Bitcoin
fluctuates above and below the $28,500 price mark, leading to
confusion on most altcoin charts. Chainlink Price Analysis: One-Day
Chart At the time of writing, LINK was trading at $7.20. Having
recently appreciated above the $7 mark, the initial bullish trend
was short-lived. The $7.20 level had acted as a strong resistance
zone for the altcoin, thwarting every attempt by the bulls to push
the price up. The coin’s overhead resistance was $7.60, and
breaking through it could take LINK to $8. However, the altcoin’s
performance highly depends on its support levels, with the first
being at $7. Falling below this level would lead to further drops
to $6.80 and then $6.40, both of which present buying opportunities
for traders. In the last session, the amount of LINK traded was
negative, indicating a rise in selling pressure. Technical Analysis
Sellers are attempting to take over the price of LINK, leading to a
dip in demand on the coin’s one-day chart. The Relative Strength
Index has also fallen close to the half-line, indicating buyers are
starting to exit the market. Further drops in demand may attract
more sellers to the chart. Additionally, the altcoin price has
recently fallen below the 20-Simple Moving Average line, suggesting
a depreciation in demand and indicating that sellers are driving
the market momentum. However, a slight push above the $7.20 mark
could help LINK regain momentum and lift its price back above the
20-SMA line. LINK is showing a decline in buy signals due to
falling demand. The Moving Average Convergence Divergence (MACD)
indicates price momentum and reversals. It has formed shorter green
signal bars that correspond to the decrease in buy signals for
LINK. Related Reading: Ethereum Price Corrects Gains But This
Support Could Spark Fresh Increase Additionally, the Bollinger
Bands, which measure price volatility, have narrowed, suggesting
that the coin may experience range-bound movement in the immediate
trading sessions. Featured Image From UnSplash, Charts From
TradingView.com
ChainLink Token (COIN:LINKUSD)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
ChainLink Token (COIN:LINKUSD)
Historical Stock Chart
Von Okt 2023 bis Okt 2024