- The technical chart of the coin remains bearish as the price has not yet managed to break the downtrend, and thus we can witness more profit-booking soon.
- The pair of LINK/BTC is trading at 0.0006306 BTC with a gain of +19.22%.
ChainLink‘s price over the monthly chart has reached near the significant support levels resulting in the recent short-term uptrend. Due to the massive profit-taking in the last month, the coin price touched $18 before forming a morning star pattern. After breaking the most critical EMA, LINK witnessed intense selling pressure, and the price made a low of $17.38. No recommendation for long-side entry in this short uptrend as price reversal from resistance trendline is suspected.
Downtrend Continues After Death Cross
LINK price in the 4-hour Time is trading with the bearish technical chart despite the recent short-term uptrend. The declining volume of the uptrend projects the bears are overpowering bulls projects the upcoming price reversal. As per the price action, the coin may find resistance near $25 and $25, whereas $18 and $13 provide support.
However, an upside continuation is possible, but the volumes are opposing. Currently, the coin is trading at $23.04 with an intraday gain of +22.02%, while a 120.34% boost in intraday volume, standing at $4,045,191,593. LINK token price as per the technical indicators is suggesting weak signs of recovery due to the uptrend but still supports the downside momentum.
Relative Strength Index (BULLISH): RSI line rebounded after trailing near the oversold zone. Presently, the line indicates uptrend momentum.
Average Directional Movement Index (WEAKNESS) currently indicates a weakness in the uptrend on the 4-hour chart. It is trailing with a dip in the ADX line projecting a reversal in price. As of now, LINK projects weak recovery.
Support levels: $15;
Resistance levels: $42 and $30