TL; DR breakdown
- Chainlink price is expected to retest $ 32
- ADA encounters resistance as it crosses the $ 30,750 mark
- The closest support level is at $ 30.00 and further down at $ 29.00.
Chainlink price actions found support at $ 29.00 after being declined by $ 33.00. While LINK is apparently recovering in a V shape, selling pressure at $ 30,750 resists a bullish notion.
The broader cryptocurrency market has seen bearish sentiment for the past 24 hours, with most major cryptocurrencies posting slight losses over the period. These include Bitcoin and Ethereum, which are posting losses of 2.49 and 1.98 percent, respectively.
Technical indicators for BNB / USDT
Across all technical indicators, the MACD showed a bearish reversal yesterday as the Chainlink price fell from above $ 33 to below $ 30. Since then, the downward trend has grown significantly, as the large red histogram shows. Both EMAs are moving down, with the 26 EMA catching up with the 12 EMA in the past few hours. The indicator is currently bearish but shows a bullish presence at the price level.
The RSI is neutral, trading near 50.00 as it rises towards 60.00. The indicator briefly rose into the overbought territory, but the correction has caused it to slide back into the neutral zone. Currently the indicator is moving upwards with a small slope, which indicates a bullish presence at the current price level.
The Bollinger Bands were wide until yesterday, but since the rejection at USD 33.00 the indicator has started to converge. Currently, the indicator is expected to converge further as the price returns to the midline of the bands. The indicator suggests a short-term decline in price volatility.
Overall, the 4-hour technical analysis gives a buy signal of reasonable strength, indicating an upward movement in the Chainlink price. The analysis shows that 13 of the 26 most important technical indicators support positive price movement over the entire period, while only four indicators point to a bearish retracement. There are now nine indicators sitting on the fence and not giving any signals at the time of writing.
The technical 24-hour analysis accentuates this sentiment and outputs a “strong buying” signal with 15 indicators in favor of a bullish price action against just one indicator that suggests something else. Meanwhile, 10 indicators remain neutral and do not give signals that support both sides of the market.
Traders should expect Chainlink price to rise to retest the $ 33.00 resistance level. The positive technical indicators and the supporting technical analysis support an upward movement in prices. In addition, trading volume remains high, suggesting a strong move in both directions.
However, there is strong resistance at a price level of $ 30,750 and further above at $ 33.00. If the price movement does not reach the USD 31.00 mark, LINK can observe a retracement to the USD 26.50 mark before stabilizing. Conversely, the price action at the USD 33.00 mark can be rejected and consolidation can begin above the USD 30.00 mark.
Disclaimer of liability. The information provided is not trading advice. Cryptopolitan.com is not liable for investments made on the basis of the information provided on this page. We strongly recommend that you conduct independent research and / or advice from a qualified professional before making any investment decision.