ChainLink Price Analysis: What are the speculations regarding the breakout of the LINK crypto range?

  • ChainLink price has been caged inside the horizontal area delineated on the daily price chart.
  • LINK crypto is currently trading at 20 EMA and is still behind the 50, 100 and 200 day daily moving average.
  • The LINK/BTC pair is at 0.0002998 BTC with an intraday decline of 5.55%.

ChainLink price is trying to climb towards the upper trendline of the consolidation phase. The token still needs to attract more buyers in order to register its breakthrough. The bears are currently controlling the LINK coin, which is moving lower and approaching the accumulation phase. Investors in LINK should monitor the daily price chart for any changes in direction. For the token to stay above the accumulation phase, it must attract additional buyers.

Currently trading at $6.39 CMP, ChainLink has lost 1.32% of its market capitalization in the past 24 hours. However, the intraday trading session saw a 47.95% spike in trading volume. The LINK currency volume indicates that buyers are still there to rescue the token even though it appears to be at the mercy of the bears and under pressure from short selling. It is equivalent to 0.1463 market capitalization volume.

The price of the LINK coin is trying to establish itself in the consolidation phase between the levels of $7.53 (distribution level) and $5.34. (Accumulation level). The token fell because it was rejected from the distribution level and could not sustain itself. The price of LINK coins is currently falling towards the accumulation phase. Time will tell if the LINK bulls manage to gain support. The change in volume is below average and needs to increase for LINK to hold its position.

What do technical indicators suggest about LINK?

In order to maintain its current level and allow the token to climb above the daily price chart, the price of the LINK coin needs to gather more bulls. Technical indicators suggest the downtrend momentum of the LINK coin. The Relative Strength Index showcases the bearish momentum of the LINK coin. The RSI is at 46 and heading into oversold territory.

MACD shows the sideways momentum of LINK at the 2021 lows. The MACD line is above the signal line with a relatively smaller margin. LINK investors should wait for any direction changes on the daily price chart.

Conclusion

ChainLink price is trying to climb towards the upper trendline of the consolidation phase. The token still needs to attract more buyers in order to register its breakthrough. The bears are currently controlling the LINK coin, which is moving lower and approaching the accumulation phase. The price of LINK coins is currently falling towards the accumulation phase. Time will tell if the LINK bulls manage to gain support. The change in volume is below average and needs to increase for LINK to hold its position. Technical indicators suggest the downtrend momentum of the LINK coin. LINK investors should wait for any direction changes on the daily price chart.

Technical levels

Support levels: $5.90 and $5.34

Resistance levels: $7.00 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