ChainLink Price Analysis: LINK Bulls Preparing for a Breakdown

  • Over the daily price chart, the LINK price is presently moving inside of a descending triangle pattern.
  • The technical indicators appear to be in favor of bulls but also indicate chances of a backfire.
  • The LINK/BTC pair is at 0.000311 BTC with a gain of 2.08%.

The LINK price is currently trading inside a descending triangle pattern over the daily price chart and now we can observe the LINK bulls are trying to push the price towards the upper arm. They are trying to register a breakout to make the price recover, though the process seems a bit difficult as the bears will definitely interrupt, but this time the bulls’ consistency is in favor of the uptrend movement.

If the bulls remain consistent the price can register a successful breakout from this descending triangle of price and if managed to gather some more buyers the recovery process can shoot up. The bulls should not ignore the declining volume and should make it their top priority right now.

The current price for one LINK token is trading at $7.06 with a gain of 2.07% in its market capitalization in the last 24 hrs. The token has a trading volume of 337 which is at a loss of 11.85% in the 24 hrs trading session and has a market cap of 3.2 billion. The volume market cap ratio is 0.1026.

Can LINK Bulls Register a Successful Breakout?

We can observe a good uptrend movement over the daily and hourly price chart, but it looks like the shooting price is attracting sellers to the market.

The MACD indicators show a positive crossover after a long time which means now the buyers are dominating and the sellers signal line is moving below the buyers line, along with the red histograms converting green. Whereas the relative strength index is moving neutrally showing the increase of sellers attracted by the shooting prices. The RSI value is nearly equal to 55.

Conclusion

The LINK price is currently trading inside a descending triangle pattern over the daily price chart and bulls can be observed pumping the price. If the bulls remain consistent the price can register a successful breakout from this descending triangle of price. The uptrend movement can be observed across all time horizons and now the sellers are also participating. The technical indicators are a bit less helpful here but superficially support the bullish movement.

Technical levels

Resistance levels: $7.62 and $9

Support levels: $6.30 and $5.39.

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.