Chainlink Price Analysis 21/04: Chainlink Breaches Target Price After Sell Signal

SNEAK PEEK

• Technical analysis tool TD Sequential identified a sell signal on the daily chart of Chainlink.
• As a result, Chainlink’s price dropped to surpass its target price of $7.60.
• Chainlink price analysis shows a bearish market sentiment.

According to the TD Sequential indicator on Chainlink’s daily chart, a sell signal had emerged, indicating a potential correction. A failure to surpass and close above the $8.80 mark would result in a decline in price, possibly as low as $8.10 or lower. In order to sustain its upward trend, Chainlink needed to surpass the resistance level of $8.80 and reverse the bearish pattern.

The cryptocurrency Chainlink has achieved the target price of $7.60, as indicated by TD Sequential, which presented a sell signal on the daily chart of $LINK. This is after the technical analysis tool had predicted a potential decline in the price of Chainlink, prompting investors to watch out for their holdings and positions in the LINK’s market. It remains to be seen whether the sell signal will result in a further drop in the price of Chainlink or whether it will rebound from this level.

Chainlink Price Analysis

Chainlink price analysis shows a bearish market sentiment as LINK prices hit the target price of $7.60 and even dropped below it after a sell signal was detected on the TD Sequential. The downtrend has been attributed to the power of bears gaining the upper hand thus dropping the LINK/USD price from $8.80 down to its current position today.

The resistance level for LINK is present at $7.95 and the support level is at $7.49 with the current price trading in between these two levels. The bulls need to break above the resistance level in order to take back control and give the price of LINK/USD a much-needed push up as this would indicate a bullish trend.

As currently the bears are in control, the investors and traders should be cautious as further price slumps could cause further depreciation in the LINK/USD valuation. Additionally, it is important to note that Chainlink has breached a lower target price of $7.60 on TD Sequential, indicating that the selling pressure may increase if the bears continue to regain control.

On the daily chart, Chainlink shows a downtrend trading pattern, with LINK/USD having retraced from its intraday high of $7.95 to a current price of $7.46 which is a 4.58% decrease in the past 24 hours. The market cap has decreased too as it stands at $3.85 billion and the 24-hour trading volume at $375 million, indicating a bearish pressure on the market sentiment.

The technical indicators on the daily chart show that the 50-day moving average has crossed over the 200-day moving average which is a bearish sign therefore, it is best to wait for a bullish reversal before entering a long position. The MACD is also in the negative territory with its histogram printing red bars indicating that there could be further downside potential for LINK/USD.

Additionally, the Relative Strength Index (RSI) is also heading to the oversold region as it has dropped below the 50 levels, indicating a bearish trend in the near future. The current value for RSI is 48.33.

In conclusion, Chainlink dropped below its target price of $7.60 after TD Sequential detected a sell signal on the daily chart of LINK/USD. Currently, Chainlink is trading at $7.46 and bears seem to be in control as indicated by technical indicators on the daily chart. Investors should be cautious as further downside potential is likely if the bears continue to gain control and drive the price down.

Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/chainlink-link-price-analysis-21-04/