Chainlink (LINK/USDT) Halts Bearish Momentum; Prepares for a Breakout
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Chainlink Long-term Analysis: Ranging
For weeks, the market for Chainlink against the Tether has shown resilience, operating within a tight level despite the losses recorded. For some time, the pair has been operating between $16.36 and $13.65, and right now there seems to be a pause in the downtrend as the pair sees a gain of about 2.3%.
With 1.29 million traded volumes during the week, LINK is positioned at a crucial zone as traders await potential movement to either side.
Currently, Chainlink trades at $14.13.
Technical Indicators
Major Resistance Levels: $15.93, $16.09, and $16.36
Major Support Levels: $13.65, $13.00, and $12.00
Chainlink Technical Analysis
The analysis for Chainlink against the Tether shows that the pair is at a pivotal point, aiming at $15.01. The Guppy Multiple Moving Averages (GMMAs) indicate that the price is struggling to maintain either an uptrend or a downtrend as the EMAs mix.
On the other hand, the Stochastic RSI reflects an oversold condition, suggesting a potential buying opportunity if momentum shifts to the north.
To this end, Chainlink could retest the immediate resistance level if the price can break above $15.01; otherwise, a further decline toward $13.65 looms.
LINK/USDT Analysis: Where from Here?
On the daily chart, LINK/USDT is showing early signs of recovery after facing a recent decline of around $14.42. The GMMAs signal a further downtrend as the pair’s price receives pressure from the bears. However, a crossover of the EMAs is needed to support the current gain if momentum is to be maintained.
Though market participants are actively involved, as indicated by the amount of traded volume, the Stochastic RSI points to the south as both lines signal improvement in that direction.
To this end, LINK/USDT needs to break above $14.42 for a reversal towards $15.42. On the other end, if the price fails to hold above $14.12, a retracement towards $13.65 is likely.
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