×

Sign in

Sign in using the following social media accounts


Chainlink Price Analysis: LINK Price Eyes A 25% Relief Rally

Chainlink (LINK)

Published June 15, 2022

A+

On June 10th, the LINK price reverted from the wedge pattern’s resistance trendline, triggering the next bear cycle within the pattern. The V-top reversal slumped the altcoin by 40%, hitting the last lower low support of $5.64. However, the morning star candle forming at this support hints the buyers may drive the price back to overhead resistance.

advertisement

Key points: 

  • The LINK price rebounds from the $0.53 mark with the morning star candle and registers a gain of 30$
  • The daily-MACD indicator offers a bearish crossover 
  • The intraday trading volume in the LINK token is $1.059 Million, indicating a 1.31% loss.

LINK/USDT ChartSource- tradingview

The LINK/USDT technical chart showcases the ongoing downtrend is confined within a falling wedge pattern. The multiple retests to the above and bottom trendline indicate that the traders strictly follow the pattern structure and should eventually give an expected outcome.

Though the pattern carries a one-sided downtrend, its trading set-up should provide a strong upside move if the coin price breaches the overhead resistance trendline. However, as of now, the LINK price witnessed another reversal from the resistance trendline amid the ongoing sell-off in the market.

The V-top reversal initiated from the $5.36 mark tumbled the LINK price 40% lower to the May low of $5.64. However, on May 14th, the altcoin rebounded from this support with a bullish engulfing candle, indicating a reversal possibility.

If buyers could muster up enough momentum, the LINK price may surge 25% higher to rechallenge the descending trendline.

Conversely, the $5.64 fallout may sink the LINK price back to support the trendline.

Technical indicator

MACD indicator: the failed attempt from MACD and signal slope to enter the bullish territory with midline breakout triggered a negative crossover. The indicator has not yet to provided a sufficient spread to confirm the sell signal. 

advertisement

ADX- the downsloping-ADX slope accentuates a significant loss of bearish momentum. If the buyers take advantage of the reduced selling pressure, the altcoin may breach the pattern’s trendline.

  • Resistance levels- $9.32 and $12.4
  • Support levels- $5.63-$5 and $4

Share this article on:
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Close Story
Web stories
Published 1 day ago
Share Via
Copy Link
MATIC's Fresh All-Time High and Fantom's Bullish Price Action: Next Vital Price Levels

Published 1 day ago

A+
Published 1 day ago
Share Via
Copy Link
stETH

Published 1 day ago

A+
Published 2 days ago
Share Via
Copy Link
Bitcoin weekly close

Published 2 days ago

A+
NEAR price

Published 2 days ago

A+
Published 2 days ago
Share Via
Copy Link
Shiba inu coin banner. SHIB coin cryptocurrency concept banner b

Published 2 days ago

A+

advertisement

advertisement

TWITTER SIGNALS

markets newsletter

Your daily dose of Market analysis & Price updates.