Price Analysis

Chainlink (LINK) Appears Bearish Yet Trades Above $15

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Chainlink has been the most talked-about crypto of the year as it experiences an escalating price momentum after trading laterally until now. Moreover, it has been in this year itself that Chainlink has lured many strategic partnerships until now and its native token—LINK is fetching all the benefits and is one of the top 10 coins of the global market.

In this regard, Chainlink has just started and has a long way to go. Moreover, as the network is developing to be one of the smart contract platforms, it is easy for developers to deploy smart contracts that interact with the platform’s oracle.

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On the other hand, Chainlink’s integrations and partnerships have proved to be perfect for the platform to grow and help LINK’s price accelerate even further.

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LINK/USD Chart By TradingView

LINK, on the above 8-hourly chart, is seen gaining impetus since the previous month, which otherwise was seen trading laterally since the start of the year. After hitting an ATH at $20, it is now trading at $16.5 with gradual pullbacks in the intraday. After breaching the upper 20-day Bollinger Band around $20 price area, the bearish candlewick is now inclined towards lower 20-day Bollinger Band. However, an even further dip will lead to testing supports below $15 at $13.8 i.e., 50-day daily MA.

Chainlink, however, is retaining complete support from 200-day daily MA at $7.9, and the 20-day Bollinger Bands laid are seen steadily widening wherein we project moderate short-term volatility. The RSI of Chainlink is now plummeted below the overbought region at 52.04 due to intraday pullback and decreased demand.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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