- The price of a chain link is expected to drop to $40 for the recovery.
- LINK is facing resistance at $44.00.
- The closest support is at $40.00. The total cost of the project is $38.50 or less.
After reaching $45.0, Chainlink’s share price was unable to continue its upward movement and has stagnated ever since. While buyers defend the $40.00 support level, bearish pressure is preventing the price from rising above $44.00.
The broader crypto-currency market enjoyed bullish sentiment over the past seven days, with most major crypto-currencies posting gains during this period. The top performers were XRP and BNB Ripple, which posted gains of 21.62% and 13.35%, respectively. Meanwhile, Bitcoin and Ethereum posted gains of 3.3% and 13.94%, respectively.
Technical indicators for LINK/USDT
According to the technical indicators, the MACD showed a bearish reversal yesterday and has remained bearish since. While the price action stagnated, the MACD also remained at low levels, indicating little bearish momentum in the markets. Currently, both EMAs are down, with the 12 EMA splitting from the 26 EMA and showing increasing bearish momentum at the time of writing.
The RSI is currently hovering in the neutral zone just below the 64.00 level, but is not giving any signals. While the RSI is trading above its median line, suggesting a bullish bias, the indicator has made a downward move in recent hours, suggesting increased selling pressure.
The Bollinger Bands are currently wide but showing convergence as price hovers around the $42.00 level. Currently, the price is moving back to the middle, indicating a new convergence. When pressed, the indicator assumes a further decrease in the volatility of the chain link price.
Overall, the technical analysis on the 4-hour chart gives a buy signal, with 14 of the 26 major technical indicators pointing to bullish support. On the other hand, only two indicators are giving sell signals indicating a downward correction. Meanwhile, 10 indicators remain on the sidelines, offering support to neither side of the market.
The technical analysis of 24 hours shares this opinion and also gives a buy signal: 15 of the 26 indicators are bullish, while only two point to a bearish correction. Nine indicators remain neutral and give no signal at the time of writing.
What can we expect from chain link prices?
Traders should expect Chainlink’s share price to fall back to the $40.00 support level before it can recover. The technical analysis shows that further downward movement is unlikely and the price could reach the $44.00 level in the coming days.
Conversely, if Chainlink’s price drops below $40.00, LINK will drop to $38.50 before finding support. A further decline would mean a drop back to $36.00 support. Although bullish market sentiment makes this unlikely, the negative short-term indicators and lower trading volume could lead to a trend reversal.
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