Chainlink price analysis: LINK price settles at $29 psychological resistance

TL;DR Breakdown

• Sellers target the $23 psychological support level after price recovered from last week’s dip
• Price up about 2 percent on intra day trade with trading volume also increasing 22 percent
• Resistance being faced at $29 with the next breakout set at $34

Chainlink price analysis suggests that the coin faces an important battle between sellers and buyers in the current trend as price recovers from last week’s 30 percent dip. Price fell as low as $25.27 earlier, before showing some momentum to climb up to $29.35 at the time of writing.

Sellers are expected to dominate the market at current trade, attempting to push price towards support at $23. Whereas psychological resistance for buyers lies at $29, with the next breakout points at $34 and $43, provided price can hold well above support.

The larger cryptocurrency market continued recoveries from yesterday, led by Bitcoin’s ascend of up to 4 percent. Ethereum also jumped 5 percent to sit just under $3,500.

Altcoins showed mixed patterns, with Ripple and Dogecoin ascending 2 percent each at $1.08 and $0.24, respectively. Whereas Cardano and Solana fell 1 and 5 percent each to sit at $2.4 and $158, respectively.

LINK/USD 24-hour chart: Ascending triangle pattern forming as price sits at $29 psychological resistance

On the 24-hour chart for LINK/USD pair, an ascending triangular pattern can be seen in Chainlink price analysis. Each red candlestick is matched by a bullish return to push price upward since the 30 percent dip from last week.

The 24-hour Relative Strength Index of 52, however, indicates seller momentum to be increasing. Price sits currently just above the moving average at $28.7 and has increased almost 7 percent after continuing yesterday’s decline into earlier today, falling as low as $25.

The Bollinger bands suggest that price currently sits in a crucial zone near the 20-day moving average. From here, if consolidation can be formed above $30 to beat SMA, we might see continuation of the bullish trend seen earlier in the month.

LINK/USD 4-hour chart: Crucial trading sessions ahead as sellers gather momentum

On the 4-hour trading chart, sellers can be seen gaining momentum to push LINK back towards the support point at $23. The earlier trade session was a positive one for the pair, pushing towards $30, before pulling back.

The 4-hour RSI sits at 56, suggesting it is anyone’s game at the moment. Buyers, however will be reluctant to buy in at current levels before seeing price settle.

The moving average convergence divergence (MACD) suggests that buying action is needed in current trend, as MACD crosses above its signal line. MACD also crosses the exponential moving average (EMA) which is considered a bullish sign.

Conclusion

Chainlink price analysis confirms that the token faces a crucial next few trading sessions to determine which way price will lead. After last week’s decline of over 30 percent, price recovered and looked to be consolidating, before falling again over intra day trade. Technical trends show that there is still bullish potential, but buyers sit on the fence before initiating the next push. In current trend, psychological support is at $23, with resistance at $29 and $34.

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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