Chainlink Price Analysis: LINK Coin Breaks Below $15.60 Support

  • the price of LINK coin is in a downtrend and plunges below support during intraday trading
  • The LINK / BTC pair traded at 0.00048701 BTC negative by 3.3%
  • Chainlink’s 24-hour trading volume is $676 million
Source: LINK/USDT on TradingView

The daily technical chart of the LINK coin predicts a bearish momentum after dropping below the support region. According to Pivot points (FIB), the critical support level is $11.50. However, if it makes a move above, the fundamental resistance level is $22.40. Meanwhile, the chart shows a bearish harami candle, which indicates a bearish trend reversal with medium reliability.

The exponential moving average (EMA) composed of 50,100,200-EMA can be a reliable support for currency price changes. However, investors can observe the price moves below the lines, ensuring a downtrend, so until the price stays below the EMA-200, A death cross can be marked in the chart.

Volume of (2.353M) is beneath the MA of 20-days (5.595M). Selling pressure is low in LINK, making its price fall below immediate support areas. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The MACD indicator gives (bearish) crossover below the signal line on July 16, indicating a sell signal in the coin. Moreover, Investors can see emerging red bars in the Histogram index.

Chainlink (LINK) Coin Needs to Show Sustainability

The LINK coin price is $15.30, with a daily loss of 6.4% and a weekly loss of 17.6%. In addition, the market value is $6.715 billion. Technically, the price shows weakness and is gradually moving towards the support zones. The MACD shows a buy signal. Volume is below 20 MA. Also, the price could drop until the next $11.50 support region in future trading sessions.

Resistance: $22.40

Support: $11.50

News Source