The price of ChainLink is attempting to climb up near the consolidation phase’s upper trendline. To record its breakout, the token still has to draw more buyers. The LINK currency is currently under the influence of bears and is going down as it nears the accumulation period. LINK investors need to keep an eye on the daily price chart for any changes in trend. The token needs to attract more buyers in order to continue existing above the accumulation phase. LINK crypto still needs to attract more buyers and should avoid getting trapped in the short-sellers clutch to drop below the lower range.
ChainLink, which is currently trading at $6.35 CMP, has lost 2.05% of its market value in the last day. However, trading volume fell by 37.55% during the intraday trading session. Despite appearing to be in the hands of bears and being pressured by short sales, the amount of LINK currency shows that buyers are still present to defend the token. It equals 0.08433 volume to market capitalization.
Within the consolidation phase, the price of the LINK currency is seeking to stabilize between the levels of $7.53 and $5.34. The token dropped because it couldn’t support itself and was rejected from the distribution level. The LINK coin value is currently falling as it approaches the era of accumulation. If LINK bulls are successful in obtaining support, only time will tell. For LINK to maintain its position, volume change must improve from its current subpar level.
The price of the LINK currency has to attract more bulls in order to sustain its present level and for the token to soar over the daily price chart. The token must attract buyers towards the upper trendline which is the distribution phase. Technical indicators suggest the downtrend momentum of the LINK coin.
The relative Strength Index showcases the downtrend momentum of the LINK coin. RSI is at 45 and is below neutrality approaching the oversold territory. MACD exhibits the sideways momentum of a LINK coin inside the consolidation phase. The MACD line is ahead of the signal line but with a small difference. LINK investors need to wait for any directional change over the daily price chart.
Conclusion
The price of ChainLink is attempting to climb up near the consolidation phase’s upper trendline. To record its breakout, the token still has to draw more buyers. The LINK currency is currently under the influence of bears and is going downward as it nears the accumulation period. LINK investors need to keep an eye on the daily price chart for any changes in trend. The token needs to attract more buyers in order to continue existing above the accumulation phase. If LINK bulls are successful in obtaining support, only time will tell. For LINK to maintain its position, volume change must improve from its current subpar level. LINK investors need to wait for any directional change over the daily price chart.
Technical Levels
Support Levels: $6.00 and $5.34
Resistance Levels: $6.80 and $7.53
Disclaimer
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
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