Chainlink price prediction: LINK to retest $44 resistance level

Summary of the situation

  • The price of chain links is expected to rise to $44/tonne.
  • LINK has resistance at $42.
  • The next support level is at $40.

Chainlink shares passed the $44.00 mark last week, but failed to continue the upward movement and fell below $40.00. Although the price currently remains just below $40.00, the downward pressure is very strong and the price could fall further in the near future.

The broader crypto-currency market has been bullish over the past 24 hours, with most major crypto-currencies posting gains over time. Major players include DOGE and XRP, which rose 40.22% and 18.33%, respectively. Meanwhile, Bitcoin and Ethereum posted 6.52% and 8.77% respectively.

 

According to the technical indicators, the MACD is showing decreasing bullish momentum, as shown in the light red histogram. The indicator has been bearish for three days and Chainlink’s price is hovering just above $0.00 at press time. With the 12-EMA still trading below the 26-EMA, the difference between the two is negligible and they could show a reversal at any time.

The RSI is currently hovering in the neutral zone just below the 52.00 level and has been in the neutral zone for the past 5 days with strong bearish momentum. However, since yesterday, rallies in overbought territory indicate that buyers are fighting back. While the RSI showed a slight rise towards the oversold area, it showed increasing bearish momentum, which is a clear sell signal.

Currently the Bollinger Bands are wide, but in the future they will converge due to the presence of dark red candles. The convergence of the bands implies a lower volatility of the price of the mesh. Meanwhile, if the Chainlink price consolidates below the centerline of the bars, the bars will slope downward for the next few candles.

Overall, the technical analysis on the 4-hour chart gives a buy signal, with 11 of the 26 major technical indicators pointing to bullish support. On the other hand, only five indicators are giving sell signals, indicating a downward correction. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.

The technical analysis of 24 hours shares this opinion and also gives a buy signal: 16 out of 26 indicators are bullish, against only one which points at a bearish correction. Nine indicators remain neutral and give no signal at the time of writing.

 

Chainlink recently deviated from $42.00, but price action finds support at $40.00. Given the positive market sentiment and favorable technical analysis, traders should expect Chainlink to set a pivot point at $40.00 on the price rally. We can therefore expect LINK to retest the $44.00 level in the coming days.

Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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