• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Chainlink

Chainlink Pushes Above $7, Will The Short-Term Recovery Hold?

anushsamal by anushsamal
1 month ago
in Chainlink
Reading Time: 2 mins read

The price of Chainlink had been in a period of consolidation over the past few sessions. However, the bulls were recently able to break above an important resistance level. Despite this recent bullish action, the daily chart showed a 6% depreciation and on the weekly chart, LINK had a 9% loss.

The technical outlook looked bleak with fading demand and low accumulation. Nevertheless, if LINK can remain above the $7 mark, another rebound may be possible. As Bitcoin displayed mild bullish sentiment after reclaiming the $28,000 mark, most altcoins exhibited similar behaviors.

Related Reading: Ethereum Exchange Inflows Trigger Drop Below $2,080: Will It Slide Lower This Week?

If BTC retraces in the next trading sessions, LINK is expected to move closer to its immediate support level. Maintaining buying strength is crucial for the asset to stay above its local price floor. The market capitalization of LINK had fallen, indicating that sellers were more active.

Chainlink Price Analysis: One-Day Chart

Chainlink
Chainlink was priced at $7.02 on the one-day chart | Source: LINKUSD on TradingView

At the time of writing, Chainlink was trading at $7.02, with its immediate resistance at $7.40. If the altcoin manages to surpass this resistance, it will encounter a tough price ceiling of $7.70, and reaching that level may revive the bulls.

Conversely, failing to stay above the $7 mark will pull Chainlink down to $6.80. If this happens, LINK may decline by up to 15%, nearing the $5.80 mark. The last session saw a decrease in the amount of LINK traded, and indicators suggested that buying strength was weakening.

Technical Analysis

Chainlink
Chainlink depicted a fall in demand on the one-day chart | Source: LINKUSD on TradingView

Chainlink had experienced a sharp drop in buyers’ interest after encountering significant resistance at $7.70. However, demand for the altcoin could partially return if it moves above the $7.00 price mark. The Relative Strength Index was below the half-line, hovering around 40, indicating that sellers had taken control of the market.

Additionally, LINK had fallen below the 20-Simple Moving Average line, signaling that sellers were driving the price momentum at press time. If demand picks up, LINK could rise above the 50-SMA line (yellow), providing some relief to the bulls.

Chainlink
Chainlink noted sell signals on the one-day chart | Source: LINKUSD on TradingView

In line with the other technical indicators, LINK displayed sell signals, indicating a bearish turn in price. The Moving Average Convergence Divergence (MACD) demonstrates an asset’s price momentum and trend reversals as well. The MACD formed red histograms below the half-line, signaling a sell signal for the asset.

The Parabolic SAR reads the price direction and changes in the same. The indicator formed dotted lines above the price candlesticks, suggesting a downtrend in the price.

Related Reading: Render (RNDR): Biggest Gainer Among Top 100 Cryptos With A 22% Climb

For LINK to maintain its price above the $7 mark, buying strength needs to resurface over the immediate trading sessions, and broader market strength has to remain consistent.

Featured Image From UnSplash, Charts From TradingView.com
Tags: chainlinkLinkLINKUSDlinkusdt
Tweet123Share196ShareSend
anushsamal

anushsamal

Related Posts

Chainlink

Chainlink Bulls Must Overcome Key Hurdle For Potential 7% Rally

4 days ago
Chainlink (LINK)

Chainlink (LINK) Under Bearish Strain As Selling Pressure Mounts

1 week ago
Chainlink

Chainlink (LINK) Price Defies Bearish Pressure With Strong Recovery

2 weeks ago
Chainlink

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

2 weeks ago
Chainlink

Chainlink (LINK) Price Crumbles As The Bears Take Down Previous Gains

4 weeks ago
Chainlink (LINK)

Chainlink (LINK) Makes A Slight Recovery After Plunging, What’s Next?

1 month ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    3 days ago
  • Willing to buy new crypto: Here are the best 10...

    4 days ago
  • Best Crypto Meme Coin Presales in 2023

    4 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • XRP and Big Eyes Coin (BIG): Riding the FOMO Wave in the...

    52 seconds ago
  • The Upturn of DOGE: Fueling the Potential of Meme Coins...

    15 mins ago
  • The Impressive growth of DigiToads (TOADS) is surprising...

    16 hours ago
  • Fantom (FTM) Finds Support, Would Avorak Trade Have Made...

    18 hours ago
  • Following the Footsteps of Giants: InQubeta (QUBE) Could...

    18 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.