- Chainlink price is trying to maintain the uptrend momentum to surge towards the distribution phase over the daily price chart.
- LINK crypto is trying to sustain at 20 EMA and is still below 50, 100 and 200-days Daily Moving Average.
- The pair of LINK/BTC is at 0.0003014 BTC with an intraday drop of 1.87%.
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 coin is currently under the control of bears and is moving downward as it nears the accumulation phase. 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 needs to surge towards the distribution phase to break out of the consolidation phase over the daily price chart.
ChainLink has increased 2.24 percent of its market capitalization over the last day and is currently trading at $6.28. However, trading volume fell by 2.35 percent during the intraday trading session. The volume of LINK currency suggests that LINK is under pressure from short sales and seems to be in the hands of bears. It equals 0.1336 volume to market capitalization.
In the consolidation phase between the levels of $7.53 and $5.34, the price of the LINK coin is attempting to stabilise. Due to its rejection from the distribution level and inability to support itself, the token fell. As the phase of accumulation approaches, the price of LINK coins is currently falling. If the LINK bulls are able to win support, only time will tell. Volume change is underwhelming and needs to improve for LINK to maintain its position. However, LINK is currently trading with uptrend momentum and should maintain the current trend towards the distribution phase to let LINK recover above the consolidation phase.
When will LINK Register its Breakout?
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. However, the token is currently trading upwards and it should maintain the current uptrend momentum to surge out. Nevertheless, bears may approach to pull LINK from the upper range. Technical indicators suggest the uptrend momentum of LINK coin.
Relative Strength Index showcases the uptrend momentum of LINK coin. RSI is at 46 and is trying to break out of neutrality. MACD exhibits the uptrend momentum of LINK coin. The MACD line is ahead of the signal line after a positive crossover.
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 coin is currently under the control of bears and is moving downward as it nears the accumulation phase. LINK investors need to keep an eye on the daily price chart for any changes in trend. However, LINK is currently trading with uptrend momentum and should maintain the current trend towards the distribution phase to let LINK recover above the consolidation phase. Technical indicators suggest the uptrend momentum of LINK coin. The MACD line is ahead of the signal line after a positive crossover.
Technical Levels
Support Levels: $6.00 and $5.34
Resistance Levels: $6.50 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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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