ChainLink Price Analysis: What are the Speculations Regarding LINK crypto’s Escape from the Range?

  • ChainLink price has been caged inside the horizontal range-bound area over the daily price chart.
  • LINK crypto is currently trading at 20 EMA and is still behind 50, 100 and 200-days Daily Moving Average.
  • The pair of LINK/BTC is at 0.0002998 BTC with an intraday drop of 5.55%.

ChainLink price is trying to surge towards the upper trendline of the consolidation phase. The token still needs to attract more buyers in order to register its breakout. Bears are presently in control of the LINK coin, which is moving downward and approaching the accumulation phase. Investors in LINK must watch the daily price chart for any directional changes. For the token to stay above the accumulation phase, it needs to draw additional buyers.

Currently trading at $6.39 CMP, ChainLink has lost 1.32 percent of its market capitalization in the previous 24 hours. However, the intraday trading session saw a 47.95 percent spike in trade volume. The volume of LINK currency indicates that purchasers are still there to save the token even though it appears to be in the grasp of bears and is under pressure from short sales. It equals 0.1463 volume to market capitalization.

The price of the LINK coin is attempting to establish itself within the consolidation phase between the levels of $7.53 (Distribution Level) and $5.34. (Accumulation level). The token fell because it was rejected from the distribution level and was unable to sustain itself. The price of LINK coins is currently moving downward toward the phase of accumulation. Time will tell if LINK bulls are successful in gaining support. Volume change is below average and must increase for LINK to keep its position.

What do Technical Indicators Suggest about LINK?

In order to maintain its current level and allow the token to soar over the daily price chart, the LINK coin price needs to gather more bulls. Technical indicators suggest the downtrend momentum of LINK coin. Relative Strength Index showcases the bearish momentum of LINK coin. RSI is at 46 and is heading towards oversold territory. 

MACD exhibits the sideways momentum of LINK at 2021 lows. The MACD line is above the signal line with relatively lower margin. LINK investors need to wait for any directional change over the daily price chart.

Conclusion

ChainLink price is trying to surge towards the upper trendline of the consolidation phase. The token still needs to attract more buyers in order to register its breakout. Bears are presently in control of the LINK coin, which is moving downward and approaching the accumulation phase. The price of LINK coins is currently moving downward toward the phase of accumulation. Time will tell if LINK bulls are successful in gaining support. Volume change is below average and must increase for LINK to keep its position. Technical indicators suggest the downtrend momentum of LINK coin. LINK investors need to wait for any directional change over the daily price chart.

Technical Levels

Support Levels: $5.90 and $5.34

Resistance Levels: $7.00 and $7.53

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.        

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