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Chainlink Price Prediction: Buyers Struggle in Pullback This Week, Bullish Trendline Still Valid

Analytics

www.thecoinrepublic.com 03 October 2022 06:59, UTC
  
Reading time: ~2 m

  • Chainlink crypto is showing range-bound market under the wide horizontal range.
  • The ADX indicator reached 14 points, showing no opportunity for the upcoming week.
  • Speculators saw a drop in trading volume of 29% at $311 Million overnight. 

Chainlink crypto is facing retracement phase for short-term view. For the past several weeks, asset price has been fluctuating under the wide range of consolidation, where the $5.8 stood to be a key hedge zone of bulls and price continues getting rejected at $9.5 resistance level. 

Amid pump and dump the price action of Chainlink crypto is showing slightly bullish as daily price candles observe above the bullish trendline. Later on, LINK token again moved towards the support trendline to retest it once again before any rapid price rally. Thus its trading at $7.5 mark against the USDT pair during writing. 

Source: LINK/USDT by Tradingview 

The market cap of Chainlink crypto is down 1.3% at $3.69 Billion in the last 24 hours’ data of CMC. as the ADX indicator reached 14 points, shows no opportunity for the upcoming week.  Resulting in, the Speculators saw a drop in trading volume of 29% at $311 Million overnight. Furthermore, the Chainlink crypto against the USDT pair is slightly down 1% at 0.0003895 Satoshis. 

Weekly Candle is Down 4.7% 

Source: LINK/USDT by Tradingview 

The Chainlink token price is standing above the 50-day moving average over the daily price scale. Amid a sideways trend, bears attempt to pull price at 100-SMA (yellow) for more sell-off. Now, the 100-SMA is expanding below the current price.

The RSI indicator observes as semi-line (50 mark) amid a recent pullback over daily chart. 

Conclusion 

The Chainlink crypto is exchanging above the 50-day moving average amid the retracement phase. Buyers try to sustain prices higher above immediate support. Despite a roller-coaster rise, price action shows higher-lows formation from its annual bottom. 

Resistance level- $8.1and $9.5

Support level- $7.0 and $5.5

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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