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Chainlink [LINK] Watches Bulls And Bears Tussle In Its Market

Chainlink [LINK] has undoubtedly aided the growth of the crypto-verse this year. Almost all the coins of the crypto industry at press time were witnessing dainty changes in their price. While Litecoin was seen outperforming every other coin, Bitcoin was seen enduring a slight setback. LINK was seen taking a break as it was surging by only 0.25% over the last 24-hours. The coin was trading at $13.57, during the time of writing. The coin had taken over the fifth position on the crypto ladder as its market cap stood at $5.324 billion.

Chainlink [LINK] 1 Hour Price Chart


In the one-hour chart of LINK, the coin reeled in confusion with the formation of a symmetrical triangle pattern. The upper trend line was formulated with lower highs at $13.79, $13.70, and $13.66. The lower trend was further formed by higher lows at $12.72, $12.98 as well as $13.04. Since the pattern formed in the LINK market was a symmetrical triangle, the direction of the breakout is uncertain.

The 50 daily moving average and the 100 daily moving average were seen siding the bears. The 100 daily moving average was seen resting above the 50 daily moving average which revealed that the LINK market was going to welcome the bears.

Chainlink [LINK] Chart With Key Indicators


The short term price chart of the coin was seen giving out contrasting notions. While the daily moving average indicator highlighted the presence of bears, the other indicators were revealing an inclination towards the bulls.

The Bollinger Band indicator revealed that the volatility in the LINK market was gearing up for a surge. The bands in the indicator were seen diverging and seemed like they were going to widen further. The Stochastic RSI indicator revealed that LINK was in the overbought zone as the marker was over 100 median.

The LINK market was fueled with confusion right from the pattern that was formed. However, key indicators were seen taking the side of the bulls.


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