- Chainlink token price is trading near its strong support zone, and the recovery could be substantial if it holds the support zone.
- The coin over the monthly chart presently trades below all vital moving averages of 20, 50, 100, and 200-day, whereas volume is lower.
- The pair of LINK/BTC is trading negatively with a loss of -1.82% at 0.0004868 BTC, and the ratio of LINK/ETH is dealing at a positive note at 0.008152 ETH with a 24-hour change of 1.42%.
Chainlink token is trading near the critical support zone after sharp profit-taking from the past few trading sessions. As the crypto asset is trading on a bearish note for the past few trading sessions and now reaches near its major support zone. However, the coin is presently trading below all major moving averages of 20, 50, 100, and 200-DMA lines.
At the same time, it is facing solid hurdles of 20 and 50-day moving averages with no sign of any significant recovery. Likewise, if the coin manages to hold its support zone with good volume, we can soon see a good bounce back. Support on the lower side is $15.02 and $13.65, whereas resistance on the higher side is $17.50 and $21.10.
Chainlink token is trading on a bearish note
Over the weekly chart, the Chainlink token is trading on a bearish note as making lower highs and lower lows with no sign of any significant recovery. Volume over the 4-hour time frame is also lower and falls below the average line. The technical parameters also indicate a flat trend with no sign of any significant recovery. Currently, the coin is trading at $15.19 with an intraday loss of -4.12%, and the volume to market cap ratio is at 0.01976.
Relative Strength Index (flat): Chainlink token price RSI presently indicates a slightly bullish or positive trend over the weekly chart. In contrast, the RSI is heading balanced CMP levels at 40.25.
Moving Average Convergence Divergence (mixed) indicates a mixed trend on the daily chart. This is because the buyer’s signal line (green) and the seller’s line (red) overlaps.
Support levels: $15.02 and $13.65
Resistance levels: $17.50 and $21.10.