Chainlink price analysis:Chainlink price to rise to $24 amid sharp bearish pressure

TL;DR Breakdown

• Chainlink price is expected to rise to $24
• The closest support level is at $22.7
• Chainlink price faces resistance at $24

After finally climbing past the $32 mark, Chainlink price failed to continue its bullish rally and the price has dropped to just above $23.Moreover, while the price at press time holds just above $23, the bullish pressure is starting to increase and the price may increase further in the immediate future if the buying continues.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major players include ADA, and BNB that record a 1.22 and a 0.96 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 4.28 and a 0.02 percent hike.

Technical indicators for LINK/USDT

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the indicator is slowly climbing back above the -1.40 mark. While the 12-EMA still trades below the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little above the 36.00 mark and does not issue a signal. The indicator has been trading in the neutral zone since yesterday when it came out of the oversold region. At press time the RSI has again had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level.

The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks as the bulls take over the market. The bands’ expansion suggests an increase in volatility for the Chainlink price. Meanwhile, as the price is consolidating below the bands’ mean line, the price will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two indicators issue buy signals suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 15 of the 26 indicators suggesting a bearish movement against only one indicator suggests bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Chainlink price?

Traders should expect Chainlink price to increase in the short term to $24 and at the maximum challenge the $25 before the bears take over.The short term and midterm indicators also indicate a bearish trend in the future which may cause the Chainlink price to go back to its support level before a bullish rally.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/chainlink-price-analysis-2021-06-09/