- Chainlink price expected to rise to $27.50
- The closest support level lies at $24.00.
- LINK faces resistance in crossing above the $25.00 mark.
Chainlink price broke above the $25.00 mark but failed to maintain a support level above the price mark. As such, the increasing bearish pressure has caused Chainlink price to fall to the $24.00 support level. Since then, the price has oscillated around the $24.00 mark.
After starting the day with strong bullish momentum, the Chainlink price quickly observed a complete reversal as the price was rejected from the $25.00 mark. Following the rejection, the price declined quickly before finding support at the $22.50 mark. Since then, the price has risen to the $24.00 mark where it currently stands.
The broader cryptocurrency market observes a mixed market sentiment across the last 24 hours as major cryptocurrencies are split into bullish and bearish price movements. While Bitcoin and Ethereum record a slight increase in their prices, Litecoin, Cardano, and Chainlink observe retracements below yesterday’s price levels.
Across the technical indicators, the MACD was highly bullish at the start of the day but has now exhibited a bearish reversal. However, the small size of the red histograms suggests low bearish momentum and high bullish pressure at the $23.00 mark. The two EMAs remain close, suggesting a low momentum towards either side.
The RSI has returned to the neutral zone after the recent rejection at the $25.00 mark. The RSI returned to the 50.00 mark before again moving upwards. Currently, the indicator is trading at 54.09 with a steep incline suggesting strong buyer pressure at the price level.
The Bollinger bands showed expansion early in the day but now show convergence as the price trades near the mean line of the indicator. The bottom line is inclined upwards, suggesting a buyer pressure at the level, while the upper limit suggests a resistance at the $25.00 mark. The indicator suggests low momentum towards either side with rising bullish pressure.
Overall, the four-hour technical analysis issues a buy signal of reasonable strength, with 14 of the 26 major technical indicators suggesting an upward price movement. On the other hand, only three indicators suggest a bearish price action. Meanwhile, the remaining nine indicators do not issue any signals supporting either side.
The 24-hour technical analysis shares a similar sentiment with 14 indicators in favor of a bullish price action against two suggesting a negative price movement. Similar to the 4-hour analysis, a large percentage of indicators remain neutral, suggesting no support for either side.
Traders should expect Chainlink price to observe strong resistance at the $25.00 mark. However, the positive technical indicators and the rising trade volume suggest a bullish breakout from the level. As such, traders can expect Chainlink price to climb to the $27.50 price level.
Conversely, if Chainlink price falls down the $22.50 support level, LINK can be expected to fall to the $21.00 support level. Further downwards movement is unlikely considering the strong bullish market sentiment and the supportive technical analyses.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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