- The Chainlink Token latest 52-weeks low of $5.5 last night with the drop of over 5.5%
- The Link token is extremely bearish in every time frame either daily or weekly.
- The LINK token concerning the Bitcoin pair is trading at 0.0002417 Satoshis, bullish by 7.7%.
The Chainlink token has been underperforming for the past several weeks after getting rejection from the $36 Mark (6 Months high). Thus, the buyers continue attempting to reduce the selling pressure in each rise but they failed to manage this action
In the context of the daily price chart, the 20-day exponential moving average (green) has been a bear sell zone since the beginning of April. Meanwhile, the last attempt turned out to be scary for LINK holders, so they lost over 50% of its cost in the past 8 days.
In late April, LINK failed to hold the crypto above the investor accumulation zone (gray box), which has turned into a critical resistance area. On the other hand, $5.5 is the top most support area for now.
At the time of this writing, according to CMC, the Chainlink token is trading at $7.29, up 28.6% from the market cap of $3.3 billion over the past 24 hours. Furthermore, the LINK token belonging to the bitcoin pair is trading at 0.0002417 satoshis, which is up by 7.7%.
On the daily price graph, each of the daily EMAs including 20, 50, 100 and 200 is well above the current LINK token price. However, the trader observed highly volatile sessions with the red volume bar (above the moving average moving line) in the last two days. But last night’s volume dropped by 38%.
But RSI still into the oversold zone
The daily RSI is attempting to recover from the oversold zone when the ADX indicator LINK is showing a strong bearish trend for the coin.
If Chainlink price closes the daily price candle above the $7.5 mark, buyers are likely to push LINK towards the $10 conceptual round level.
support level – $5.5 and $5.0
Resistance level – $8.0 and $10
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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