Chainlink price analysis: LINK rejected at $31, what’s next?

The Chainlink price analysis shows that LINK was unable to continue its hike above the $31.00 mark and has retraced to the $30.00 support level. Currently, the analysis shows a positive sentiment for the price action, but the bulls need to rest before they can continue marching upwards. 

The broader cryptocurrency market observes a mixed market sentiment as while most major cryptocurrencies record positive price movements, the movements have been small while many assets, including Ethereum record losses. Major players include Litecoin and Internet Computer, recording a 17.28 and a 12.61 percent incline, respectively. 

Chainlink price analysis: exhausted bulls

Chainlink price analysis: LINK rejected at $31, what's next? 1
Technical indicators for LINK/USDT by Tradingview

Across the technical indicators, the MACD has just exhibited a bearish crossover as the green histogram turned red. The indicator had remained bullish since the start of September but started showing a declining bullish momentum as the LINK price action started stagnating near the $30.00 mark. In the last 48 hours, LINK failed to climb above the $31 mark and has fallen back to the $30.00 support showing a bearish dominance over the price action. 

The EMAs are currently moving horizontally as the price oscillates between the $30.00 and the $31.00 mark. However, the 12-EMA has a slight decline suggesting selling pressure at the current price level.  

The RSI is currently neutral but hangs close to the overbought region as the indicator trades near the 70.00 index mark. The indicator had risen to the overbought region yesterday, issuing a sell signal that was followed by a price correction to the $30.00 support. However, today the indicator has risen once again, and another attempt to the $31.00 resistance would make the RSI issue a sell signal. 

The Bollinger Bands are currently wide but are converging as the Chainlink price analysis shows stability for LINK movements. Currently, the indicator’s mean line provides support to LINK at the $30.00 mark. The converging Bollinger Bands suggest a drop in Chainlink price volatility across the short-term charts. 

Technical analysis for ADA/USDT

Overall, the 4-hour Chainlink price analysis issues a buy signal showing bullish momentum in the markets as 12 of the 26 major indicators suggest a downwards movement for the Chainlink price. On the other hand, only four of the indicators suggest downwards movement showing a low bearish presence at the current price level. Meanwhile, the remaining ten indicators are neutral and do not support either side of the market. 

The 24-hour Cardano price analysis shares this sentiment as the analysis shows 14 indicators supporting the bulls against only four indicators suggesting bearish dominance. At the same time, eight indicators are sitting on the fence at the time of writing. The shared positive sentiment between the two indicators shows strong bullish dominance over the LINK price action. 

What to expect from the Chainlink price analysis?

Chainlink price analysis: LINK rejected at $31, what's next? 2
4-hour price chart by Tradingview

The Chainlink price analysis suggests that the LINK price is stabilizing at the $30.00 mark as the bulls are exhausted, but the selling pressure is not huge as the market remains optimistic about the asset. 

The mid-term technical analysis strongly supports the bulls suggesting further upwards for the asset. However, the short-term technical indicators show bullish exhaustion suggesting sideways movement at the current price level before Chainlink observes a breakthrough. As such, traders should expect little movement outside the $30-$31 for the next few days.

News Source