Link investor

ChainLink Price Analysis: Will The Link Regain Its Potential Or Will The Bears Crush It?

It will be extremely difficult for the Link to survive in the current market as it is following the downtrend closely. The bears work very hard to keep the link price as low as possible. They push very hard against bulls. Let’s see who will conquer ChainLink the bulls or the bears.

The ChainLink was down around 2.41% and is trading at $8.97 during the intraday trading session. The price of the ChainLink/BTC pair is currently 0.000311 BTC. For bond investors, this is a situation that needs to be resolved immediately. The bear remains stable. For investors to survive in the market, bulls must provide upward movement. Following the collapse of the cryptocurrency market. Due to this downtrend, the link may fall to the main support level of $8.83. And the price may reach the secondary support of $7.77. The primary resistance level of around $9.38 can be reached by the bulls if they have courage, if the bulls can reach the plate the price can reach the secondary resistance of $12.19 but if the trend bearish persists, it will be difficult for investors to survive. If the bears continue to be active, it will also be a challenge for the whales.

LINK volume decreased by approximately 21.99%. This means the bulls are trying to enter the trade, let’s see who will dominate, bulls or bears. The volume to market capitalization ratio of LINK is 0.07245. Bulls need to push each other to meet investor expectations. Because the bears attempt to crush the bulls, it will be difficult for the bulls to develop a healthy market and opportunity for LINK. The bears’ delegated maneuvers create new obstacles for the bulls every day. LINK is working hard to build upward momentum, while Bears are having a different experience. The drop in volume reveals that the short selling pressure on Link has increased. To recover volume, bulls must take action.

The technical indicator displays the following information: The relative strength index is approaching overbought. The bears need to work hard to bring the RSI back to neutral. The bears, on the other hand, take advantage and push the RSI towards the overbought zone. And the bulls are continually trying to push RSI into neutral. The current RSI is around 66.20, which is higher than the average RSI of around 63.82, which makes it extremely difficult for Chainlink to restore its potential. Chainlink price is trading above the 20,50,100 exponential moving average but still lagging behind the 200 daily moving average

Technical levels

Support levels: $8.83 and $7.73

Resistance levels: $9.38 and $12.19

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only. They do not provide financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.