LINK/USD is bullish for the next 24 hours

TL;DR Breakdown

  • Chainlink Price Analysis is bulish today.
  • Price set below $29.89 resistance after falling more than 8 percent
  • LINK/USD is currently at $30.

Chainlink‘s price analysis for the day indicates that after yesterday’s surge past its resistance level of $29.89, the token is now declining. Yesterday, price reached as high as $33.84 before sellers entered the market to reap profits. Currently, prices are at $29.79, down more than 8 percent from yesterday’s value.

Chainlink has broken key support levels on the three-hour chart. To recover, prices will need to hold above the $22.50 level.

The most recent price analysis for Chainlink indicates that sellers are still dominating the market with 41.74 percent rise in trading volume over yesterday’s volumes. The token has now fallen below all three moving averages on the three-hour chart, indicating that short-term momentum is down. Sellers are pushing prices below key support levels at $25.97 and $22.50 respectively on the 30-minute chart, with current trading floors set at $29.79.

LINK/USD 24-hour chart: Price falls below crucial EMAs

On the 24-hour Chainlink price chart, prices have fallen below critical 20,50, and 100-day Exponential Moving Averages (EMAs), indicating losses incurred over the previous 24 hours. Price rose to $33.79 yesterday to take the Relative Strength Index (RSI) up to 66.44 before checking back at an RSI of 50.20, indicating the strength of sellers over buyers.

LINK/USD 4-hour chart: Link price falls to $27.95

On the price chart, concerns were visible on the 4-hour time frame. Price has dropped from today’s high of $32.92 to a low of $27.95 in recent trading sessions, taking momentum away from the EMAs. The RSI value currently sits at 41.68, indicating that there is little to no buyer interest in the market at this point.

As prices continue to drop, the best course of action for Chainlink is to wait until the token’s price falls below $30 before jumping in with both feet. The safest entry for buyers is below the support at $25.97, as this will help them avoid losses as prices continue to fall.

Chainlink Price Analysis: LINK/USD is bullish for the next 24 hours 1
Chainlink price analysis: 24-hour chart. Source: TradingView

Chainlink Price Analysis: Conclusion

According to the bulk of technical indicators, LINK is now declining, with price retreating below critical EMAs and poised to test support floors. Price has been influenced by seller activity in selling off profits over the last 24 hours, and if the drop persists, it may go as low as $27.12.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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