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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Chainlink Price Consolidation Persists: Will Bulls Front A Recovery Soon?

anushsamal
anushsamal
2 years ago
2 mins read
Chainlink

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The Chainlink price has been trading within a narrow range recently, leading to decreased investor interest. However, in the past 24 hours, the altcoin managed to experience a 1.5% increase, indicating sideways movement.

On the weekly chart, LINK showed a 4% upward movement. Despite these gains, the technical analysis indicates that the bears still control the price action. Both demand and accumulation levels remain low, although there has been a slight increase in buying activity on the daily chart. Nonetheless, sellers still dominate the market.

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The decline in Bitcoin’s price below $27,000 has caused uncertainty among altcoins, preventing them from making decisive moves on their respective charts. Following a period of consolidation, a price breakout is possible.

While the technical outlook suggests bearish strength, there are also signals of a potential reversal. However, for LINK to initiate a price recovery, it will depend on broader market strength, as indicated by the decline in the LINK market capitalization, reflecting weak buying power.

Chainlink Price Analysis: One-Day

Chainlink
Chainlink was priced at $6.78 on the one-day chart | Source: LINKUSD on TradingView

At the time of writing, the price of LINK was $6.78, as it attempted to break its sideways trading pattern while remaining below its resistance level of $6.90. A successful breakthrough above $6.90 could potentially trigger a rally toward $7.20.

Conversely, if the price falls from its current level, it may decline to $6.30. A breach of the $6.30 support line could push the price below $6.

On the other hand, as long as LINK remains above the local support line at $6.60, it has the potential to continue its recovery on the chart. The volume of Chainlink traded in the previous session was positive, indicating buyers were starting to reemerge in the market.

Technical Analysis

Chainlink
Chainlink depicted an uptick in buying strength on the one-day chart | Source: LINKUSD on TradingView

Following sustained selling pressure, LINK is now trying to attract buyers back into the market. The Relative Strength Index (RSI) has been trending upward, nearing the halfway point. However, at the present moment, sellers still outnumber buyers.

Additionally, LINK is attempting to trade above the 20-Simple Moving Average (SMA) line, indicating a renewed demand in the market. Despite the coin’s recovery attempts, sellers still drive the overall price momentum.

Chainlink
Chainlink displayed a buy signal on the one-day chart | Source: LINKUSD on TradingView

A buy signal emerged as the price and buying strength of LINK aimed for recovery. The Moving Average Convergence Divergence (MACD), a tool that reflects price momentum and potential trend reversals, formed a green signal bar aligned with a buy signal.

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This indicated a potential for positive price movement. Additionally, the Bollinger Bands were wide and parallel, suggesting that the coin would likely attempt a breakout from its previous consolidated price action.

Featured Image From Gadgets360, Charts From TradingView.com
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anushsamal
anushsamal

anushsamal

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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