Chainlink price analysis: What about LINK crypto’s out-of-range binding?

  • Chainlink price is trying to maintain the momentum of the uptrend to head into the distribution phase on the daily price chart.
  • LINK crypto is trying to hold at 20 EMA and is still below the 50, 100 and 200 day daily moving average.
  • The LINK/BTC pair is at 0.0003014 BTC with an intraday decline of 1.87%.

ChainLink price is trying to climb near the upper trendline of the consolidation phase. To register its breakout, the token still needs to attract more buyers. The LINK coin is currently under bear control and is moving lower as the accumulation phase approaches. LINK investors should keep an eye on the daily price chart for any trend changes. The token must attract more buyers in order to continue to exist beyond the accumulation phase. LINK needs to head into the distribution phase to break out of the consolidation phase on the daily price chart.

ChainLink has increased its market capitalization by 2.24% over the past day and is currently trading at $6.28. However, trading volume fell 2.35% during the intraday trading session. The LINK currency volume suggests that LINK is under pressure from short selling and appears to be in the hands of the bears. It is equivalent to 0.1336 market capitalization volume.

In the consolidation phase between the levels of $7.53 and $5.34, the price of the LINK coin is trying to stabilize. Due to its rejection of the distribution level and its inability to support itself, the token fell. As the accumulation phase approaches, the price of LINK coins is currently falling. If the LINK bulls are able to gain support, only time will tell. The volume change is disappointing and needs to improve for LINK to hold its position. However, LINK is currently trading with bullish momentum and should maintain the current trend towards the distribution phase to allow LINK to recover above the consolidation phase.

When will LINK record its breakout?

The price of the LINK currency needs to attract more bulls in order to maintain its current level and for the token to soar above the daily price chart. However, the token is currently trading higher and it should maintain the current uptrend momentum to rebound. Nevertheless, the bears may approach to pull LINK from the upper range. Technical indicators suggest the bullish momentum of the LINK coin.

The Relative Strength Index shows the uptrend momentum of the LINK coin. RSI is at 46 and is trying to break out of neutral. MACD shows the uptrend momentum of the LINK coin. The MACD line is ahead of the signal line after a positive crossover.

Conclusion

ChainLink price is trying to climb near the upper trendline of the consolidation phase. To register its breakout, the token still needs to attract more buyers. The LINK coin is currently under bear control and is moving lower as the accumulation phase approaches. LINK investors should keep an eye on the daily price chart for any trend changes. However, LINK is currently trading with bullish momentum and should maintain the current trend towards the distribution phase to allow LINK to recover above the consolidation phase. Technical indicators suggest the bullish momentum of the LINK coin. The MACD line is ahead of the signal line after a positive crossover.

Technical levels

Support levels: $6.00 and $5.34

Resistance levels: $6.50 and $7.53

Disclaimer

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

Harry D. Gonzalez