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LINK Technical Analysis: Likely to Fall Below Support Levels of $23.11, $21.45, and $19.46

cryptoknowmics.com 15 June 2021 10:38, UTC
Reading time: ~2 m

Chainlink uses blockchain technology that connects smart contracts universally. It allows users to transact securely and focuses on guaranteed participation of all node operators. LINK was one of the first networks to convert off-chain data into smart contracts. Please follow the technical analysis of LINK as below.

Past Performance

On June 8, 2021, LINK opened at $24.59. On June 14, 2021, LINK closed at $24.99. Thus, in the past week, the price has increased by approximately 1.62%. In the last 24 hours, LINK has traded between $22.93-$26.07. Thus, indicating high volatility in the market.



Day Ahead And Tomorrow

Currently, LINK is trading at $25.70. The price has increased from the day’s opening price of $23.24. Thus, the market seems bullish.

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.

Currently, the RSI indicator is at 45.99%. It faced rejection at 37.56% and rose to this level. Thus, buying pressures are slowly mounting for LINK. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

On the daily chart, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the DOT price.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

LINK Price Analysis

Currently, the price is below the second Fibonacci pivot point of $26.44. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $23.11, $21.45, and $19.46, respectively.

The price is trading below the 38.2% FIB retracement level of $28.12. It may soon fall below the FIB retracement level of $23.46. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

However, on the upside, if the resistance of level $25.62 is broken, it will highlight the next resistance at $28.12. That can be kept as the target for the long call.

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