ChainLink Price Analysis: It Seems Kind of Difficult to Link a Cryptocurrency Out of Reach!

  • ChainLink’s price got stuck in the horizontal price range and consolidated on the daily price chart.
  • LINK crypto is consolidating at 20 EMA and still below the 50, 100 and 200 day moving average.
  • The LINK/BTC pair is standing at 0.0002984 BTC with an intraday drop of 0.56%.

ChainLink price is trying to climb near the upper trendline of the consolidation phase. To register the breakout, the token still needs to attract more buyers. The LINK currency is currently under the bears influence and will fall as the accumulation period approaches. LINK investors should keep an eye on the daily price chart for any trend changes. The token needs to attract more buyers to survive after the accumulation phase. LINK crypto still needs to attract more buyers and avoid getting caught in the clutches of short sellers to fall below the lower range.

ChainLink, which is currently trading at $6.35 CMP, has lost 2.05% of its market value in the past day. However, trading volume fell by 37.55% during the intraday trading session. While it appears to be in the hands of the bears and under pressure from short selling, the surge in the LINK currency shows that buyers are still there to defend the token. It is equal to 0.08433 volume to market cap.

In the consolidation phase, the price of the LINK currency is trying to stabilize between the $7.53 and $5.34 levels. The token was removed as it could not support itself and was rejected from the distribution tier. The value of the LINK coin is currently declining as the era of accumulation approaches. If the LINK bulls manage to get support, time will tell. In order for LINK to maintain its position, the change in volume must improve from the current lower level.

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Required coupling between LINK bulls

The price of the LINK currency needs to attract more bulls to maintain its current level and allow the token to rise above the daily price chart. The token should attract buyers to the upper trendline, which is the distribution phase. Technical indicators suggest the downward trend momentum of the LINK coin.

The Relative Strength Index highlights the downward trend momentum of the LINK coin. The RSI stands at 45 and is below neutral as it approaches oversold territory. MACD is showing the sideways momentum of a LINK coin in the consolidation phase. The MACD line is ahead of the signal line, but with a slight difference. LINK investors should wait for any changes in direction on the daily price chart.

Conclusion

ChainLink price is trying to climb near the upper trendline of the consolidation phase. To register the breakout, the token still needs to attract more buyers. The LINK currency is currently under the bears influence and will fall as the accumulation period approaches. LINK investors should keep an eye on the daily price chart for any trend changes. The token needs to attract more buyers to survive after the accumulation phase. If the LINK bulls manage to get support, time will tell. In order for LINK to maintain its position, the change in volume must improve from the current lower level. LINK investors should wait for any changes in direction on the daily price chart.

Technical levels

Support Levels: $6.00 and $5.34

Resistance Levels: $6.80 and $7.53

Disclaimer

The views and opinions of the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets carries the risk of financial loss.

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