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Link Coin Price Analysis: Link Losing Bullish Momentum, Could Fall Soon


www.thecoinrepublic.com May 04 2021 14:20, UTC
Reading time: ~2 m

  • LINK coin price is forming a double top pattern within a symmetrical triangle. 
  • Currently, the coin price faces some sort of rejection from the $42 level and is now heading down to 50 EMA in the daily timeframe.
  • The LINK/BTC pair is trading at 0.000735 with an intraday gain of 5.8%

source-tradingview

LINK coin price rose more than 40% before the rejection from the $42 level to form a unique double top within the symmetrical triangle. The coin price is making long-tailed candlesticks implying some underlying bullishness left.

The coin price is facing resistance from the correction line of the triangle, indicating a price fall to expect soon. The increasing selling volume is adding points to this thought. The live LINK price today is $41.27, with a 24-hour trading volume of $2,321,060,861. CORRELATE is up 1.62% in the last 24 hours. The live market capitalization of the coin is $17,291,480,866.

Fall inside the symmetrical triangle

source-tradingview

LINK has made a double top pattern in the daily timeframe after the 40% up move inside the symmetrical triangle. The recent price jump has brought the price near the correction line of the symmetrical triangle. 

The coin price is facing resistance from the $42 level twice, resulting in the double top. The support levels of $31.7 and $23.5 are the immediate support, whereas the immediate resistance level is $42 and the all-time high level of $44.40.

According to the 4-hour timeframe, the 50 EMA (yellow) is moving above the 200 (white) EMA, indicating an uptrend but the coin price close to the correction line and the increase in selling volume are facts opposing the bulls.

The relative strength indicator (slightly bullish) indicates some bullish momentum left in the trend while trading at 58. The RSI line is spiked and is now heading to the overbought zone.

The ADX indicates a gaining momentum as it is trading at 18 while the spike in ADX is increasing, implying a positive growth of momentum. 

Conclusion – LINK coin price is forming a double top pattern within a symmetrical triangle. The coin price is expected to fall inside the triangle. The increased selling volume along with the increasing momentum indicates the price fall is close. 

Support- $31.7 and $23.5

Resistance- $42


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