CryptoSignals News
Join our Telegram

ChainLink (LINK/USDT) Faces Resistance at Key Levels: What’s Next?

Estimated Reading Time: 3 minutes

Article Rating:
Based on 1 vote
Login to rate this article.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

ChainLink (LINK/USDT) Faces Resistance at Key Levels: What’s Next?

Over the past 24 hours, Chainlink against Tether experienced a 0.76% drop, bringing the pair’s price to $12.51. This appears to be a continuation of the broader weekly decline of 8.8%. As it stands, analysts attribute this downward trend to ongoing sell pressure from the 11.25 million LINK that was unlocked in November. Additionally, ChainLink has not been doing well above critical support, as dominance from Bitcoin continues to add pressure to the altcoin market.

At the moment, the price seems to be gaining momentum, though under the cluster of moving averages, but the Stochastic RSI appears to be showing positive signals from the oversold region.

Currently, ChainLink trades at $12.62 after opening around $12.55 with more than 414,000 volume on the daily chart.

ChainLink (LINK/USDT) Faces Resistance at Key Levels: What's Next?
LINKUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $13.41, $14.00, and $17.64

Major Support Levels: $12.55, $11.95, and $11.00

Technical Analysis

Technically, ChainLink against Tether on the daily timeframe seems to be displaying a weak uptrend momentum with the price tending upward toward $17.00. However, the activities of the price under the Simple Moving Averages Ribbon show that the market dominance lies with bears despite the mild recovery signal from the Stochastic RSI.

To this end, if the pair manages a breakout above $13.41, an upside move, especially towards $17.00, could potentially be initiated, but the current market sentiment leans towards a consolidation phase.

Meanwhile, a tweet from @Morecryptoonline suggested that ChainLink is currently operating within a correctional wave, as it seems the token is preparing for a slight upside. To this end, the analyst was able to identify $11.95 and $12.35 as strong support for the coin.

LINK/USDT Analysis: Will the Price See a Reversal?

On the 4-hour chart, LINK/USDT is currently testing its support levels near $12.44, building a base as the momentum oscillator appears to be curling to the north from the 69.09 mark level.

As it stands, the price action shows that the coin is attempting to reverse its short-term decline, as it trades above the short-period (20-SMA) moving average. However, the market’s lack of strong volume and the near-overbought condition of the SRSI suggest this rebound might face significant resistance at the $13.22 level.

ChainLink (LINK/USDT) Faces Resistance at Key Levels: What's Next?
LINKUSDT-4H Chart

 

You can purchase crypto coins here. Buy Crypto

Recent News

February 26, 2023

Solana (SOL/USD) Market Is Correcting Toward $20

Solana Price Prediction – February 25It is currently on the SOL/USD trade operation experiences that the crypto-economic market is correcting toward $20. The price percentage rate is 0.35 percent as of compiling this psychological write-up. Despite the forces to the south side, the situation doesn’...
Read More
February 26, 2024

Compound (COMP/USD) Bulls Eye $70 Support Level

A significant breakout to the upside followed the convergence of the support and resistance levels that began at the start of the year. The Compound market commenced its upward movement on February 10th, gaining further momentum on February 22nd after establishing a strong support level at $56.92. ...
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram