LINK Price Analysis: When Will Chainlink Coin Overcome with Bearish Momentum?

June 28, 2021 admin Chainlink 0

  • Like other crypto assets, Chainlink coin is presently facing a strong bearish trend over the monthly chart and with no sign of any trend reversal. 
  • The coin slipped below all vital moving averages of 20, 50, 100, and 200-Day moving averages, whereas 20-DMA is acting as a strong rejection point
  • The pair of LINK/BTC is trading flat around 0.0005316 BTC with intraday gains of +0.87%, and the ratio of LINK/ETH is at 0.009282 ETH with a minor intraday dip of 0.84%
Source:tradingview

Chainlink coin over the monthly chart is undergoing a strong selloff while making higher highs and lower lows sequence. The token is trading on a bearish note, and on every gain, it faces a strong selloff, which results in the token now reaching near around three-month lows of $15 to $16. 

Moreover, the digital asset is facing strong rejection of short-term moving avengers of 20 and 50-DMA line, while still 200-DMA is make or break levels. The closing of day candles above 20 and 200-DMA will push more buyers. Otherwise, the sell on the rise is suggested to traders. Support on the lower side is at $16.20 and $15.00; whereas, resistance on the higher levels is $22.50 and $26.80. 

Chainlink Coin Over Weekly Chart is Trading on a Bearish Note

https://themarketperiodical.com/
Source:tradingview

Chainlink coin over the weekly chart is trading on a bearish note, while every rise is used to sell. The volume over the 4-hours time frame needs to increase, and the coin must close above several crucial levels. Presently LINK token is trading at $18.23 levels with intraday gains of +5.67% and volume to market cap ratio at 0.1014. However, no clear sign of recovery or trend reversal is still observed, and volume has also decreased slightly.  

Relative Strength Index (BULLISH): Chainlink coin RSI presently projects bullish or positive over the weekly chart. In contrast, the RSI is heading towards the overbought zone after a healthy correction from higher-level CMP at 54.    

Moving Average Convergence Divergence (BULLISH) currently indicates a bullish or positive trend on the daily chart. This is because the buyer’s signal line (green) suppresses the seller’s line (red) and creates positive momentum. 

Support levels: $16.20 and $15.00 

Resistance levels: $22.50 and $26.80.