Chainlink Price Analysis – March 22
LINK/USD faces a sharp decline as the bears are gaining strength as they aim for a test of $25.
Resistance levels: $32, $33, $34
Support levels: $24, $23, $22
LINK/USD like many other altcoins; is trading on the negative side. The current pullback has been across the board and the coin is taking a strong hit as well. Currently trading below the 9-day and 21-day moving averages after starting the daily market at $29.26, LINK/USD is currently dropping from that level to hit the daily low at $27.28.
Where is Chainlink Price Going Next?
On the downside, a move below the lower boundary of the channel within the channel could increase the short-term selling pressure while the next supports may come at a psychological $24, $23, and $22. Meanwhile, any bullish movement above the moving averages may push the coin towards the next resistance at $32, $33, and $34 levels.
On the other hand, the technical indicator RSI (14) is seen crossing below the 45-level, suggesting more bearish signals into the market. Meanwhile, it is not clear how long the session will last because, this month, both bullish and bearish sessions have been frequent. Moreover, the resistance and support levels coupled with the movement of other indicators like the RSI and the MA are to keep eye on.
LINK/BTC Market: Following Sideways Movement
Against Bitcoin, the market price is range-bound as the coin is currently trading at 5106 SAT around the 9-day and 21-day moving averages. However, the daily chart reveals that if the coin makes a cross above the moving averages, bulls may end up pushing the market to the upside.
Meanwhile, if the market begins to fall below the moving averages, the next key supports may likely be at 4200 SAT and below. On the bullish side, a possible rise could push the market above the channel and move towards the resistance level of 6000 SAT and above. According to the technical indicator RSI (14), the market may follow sideways as the signal line moves in the same direction above the 40-level.