Chainlink Price Analysis – LINK/USD
The 48th largest cryptocurrency, Chainlink having its market cap that stands at the level of $100,248,581 on December 05, 03:52 UTC experienced a dramatic trend since it attained its all-time high on November 13 where the current value declined by 51.6% compared to the level of November 13. Since then it experienced continuous “descending bottom” till date. Needless to say that the 14-day RSI represented “Overbought” territory before mid-November as analyzed from the graph above. However, the current value traded below both moving averages that slashed continuously representing a negative sign.
Since the falling 20-day EMA shows that the bears have the upper hand. With this, the LINK/USD pair remains in a bearish trend in its medium-term outlook. The strong bearish pressure has caused a drop in current value by making it the lowest low of the day before exhaustion set in. Amid the entire scenario, the LINK/USD pair remained range bound from November 21 to November 29 this year where this cryptocurrency rallied from a low of $0.33156 to a high of $0.397, which is a 19.7 percent return within eight days. Let us not forget that the LINK stayed in the range of $0.28-30 for mid-September to mid-October, almost for 30 days, and then it was soaring high while attaining the level of November 13 and since then the bears broke below the resistance level of $0.28.
Those that would like to invest for a long-term perspective, the current value offers a tremendous opportunity to invest. Traders and those involved in trading activities are recommended to be on the sidelines for the time being until the “uptrend” being observed in the market.
However, if the bulls succeed in rising and sustaining above the current resistance level and most probably above $0.35, the uptrend may likely. Based on the current scenario, the next support level can be estimated at $0.28.