Chainlink [LINK] marines bought the latest pullback which helped in its recovery and cutting short its weekly loss to just 1.11%. Following this, the crypto-asset has been stuck between the range of $24 and $32 and was currently in a consolidation phase as sell pressure continued to grapple the coin market. LINK’s volatility appeared to have cooled down, at press time.
Chainlink [LINK] was still down by 4.35% over the last 24-hours, as its trading volume also took $1.038 billion during the same time frame. The crypto-asset was trading at $27.19 while registering a market cap of $11.34 billion as it fell to the 11th position on the leaderboard.
Chainlink [LINK] Daily Price Chart:
The latest correction in LINK’s price pulled the crypto-asset to a level last seen during the late-Feb dip. Even as the price candles recuperate, the upward sloping 50 DMA [Pink] moved over them and trapped any aggressive bullish move. The 100 DMA [Blue], on the other hand, continued to hover below the candlestick arrangement.
If the LINK/USD pair fails to move above the 50 DMA, the bears could sink the price further low.
LINK Bulls Struggle To Dominate Market
The green closing bars of Awesome Oscillator depicted a low but bullish momentum that could help pull the price of Chainlink up from the current region. The MACD also appeared to be headed for a bullish crossover after weeks in the negative zone.
The RSI, however, faced severe rejection at the 50 DMA as sell pressure continued to gain traction in the Chainlink market. Hence, the possibility of the resumption of an uptrend seemed bleak.
The technicals have so far project a clear advantage either to the bulls or the bears which could mean that the LINK could tread in a similar pattern for a few more days before demonstrating some clarity on its direction.
The immediate resistance levels for Chainlink were found to be at $29.74, $31.77 and $34.73. The token found support at points $24.75, $21.09 and $18.36 respectively.
Published at Wed, 31 Mar 2021 13:16:08 +0000