As LINK/USD continues to slide, could we be in for a negative reversal? The bears are currently in a position to inflict significant damage, albeit a temporary one.
Chainlink has been trading sideways for much of May, after a sharp rally in April. CoinDesk’s consensus forecast indicates that the LINK/USD pair is set to lose steam in coming months, as the prospects for a fundamental turn in the outlook for the blockchain industry remain murky. LINK/USD is currently trading at $26.00, after having reached a high of $27.50 a month ago.
After rising above $30 last month, LINK/USD has fallen to a week-long consolidation zone, around $25. The market may well test the $30 mark again later this week, but we believe that $26 will act as resistance. Accepting this, we are maintaining our $25 target for LINK/USD in the medium term, as the coin could potentially rise to $37-$38 in the medium term, but we doubt the market would be able to break past $28-$30 without a clear catalyst.. Read more about chain link crypto price and let us know what you think.TL;DR
- Chainlink price analysis shows stagnation to continue below 200-day SMA
- LINK/USD climbs around 27 percent since June 12 but still remains under $27 resistance
- Declining trend line shows that bulls are having difficulty crossing $27 barrier
Cryptocurrency heat map by Coin360
Chainlink is moving within a tight range and strictly within the Bollinger Bands. Unlike other altcoins, the LINK/USD is not able to depict any breakout patterns so far. The price has fallen from $26.13 to $23.45 level in the past 24 hours. Earlier, the price was hovering around the upper Bollinger Band with hopes of a positive breakout once the price closes above $27.00 level.
Sadly, the current Chainlink price analysis shows that the resounding 27 percent uptrend from the lows posted on June 12 has not been received well by the bulls. The volume data does not support the bullish uptrend as is evident from the descending channel and the 50-day average. The $27 resistance poses a significant challenge for the bulls ensuring the price remains under 200-day simple moving average.
Chainlink price movement in the last 24 hours: Grinding sideways with negative bias
After falling close to 70 percent from May 10 highs, LINK/USD has been unable to cross key resistances near $27 and $30. The pair has been unable to recover from the panic selling in terms of volume and liquidity. The low of $20.00 on May 12 has propped up some bullish action but Chainlink price analysis still shows significant cloudy behaviour.
The neutral to negative bias in the Chainlink price analysis also shows how the pair is perceived in the broader crypto market. Most altcoins have displayed bullish signs in their current price trajectory. Further trajectory is tricky as the pair consolidates near key resistance levels.
LINK/USD 4-hour chart: Emerging rally need massive volumes
Chainlink price chart by TradingView
The declining trend from May is still dominantly visible on the LINK/USD charts. The 200-day simple moving average is causing significant pressure on the pair near $26.45. Chainlink price analysis shows that the bulls must close above $27.00 to steer the pair in a bullish uptrend. The corrective uptrend after June 12 lows requires a combination of volume and liquidity.
On the 4-hour LINK/USd chart, the bulls must demonstrate the ability to move past the 200-day SMA. Above $27.00, the bulls need to confront massive volatility near the $30 resistance zone which is the .786 Fibonacci retracement of the current price. The journey towards $27.00 now looks filled with sharp declines as is evident from June 12 lows.
As the positive sentiment from Elon Musk tweet tapers off, the Chainlink price is likely to face more downturns ahead. The larger decline will temp the bears to take the pair towards $15.00 lower support. A significant resistance wall near $27.00 and $30.00 will limit the upside in the short-term. The RSI remains near 50 level alongside other technical indicators which also signal a neutral trend trajectory.
Chainlink price analysis conclusion: Bulls slowly build up momentum
The bulls market sentiment in the crypto market is emerging out of the shadows. The crackdown on crypto firms in China has subsided and the BTC/USD is making steady gains. Even though Chainlink price analysis does not show any immediate upside, the pair is going to benefit from the broader crypto positive sentiment.
If the bull run resumes, buyers will demolish the $27.00 resistance first and then take on $30.00 resistance. Investors have been buying the dip which is evident from the strong support zone at $20.00. A severe price drop will certainly entice investors and buyers to undertake more long positions.
The bounce structure that LINK/USD painted on the 4-hour chart has been nullified in the recent downturn. The symmetrical triangle formation in the charts will also help the bulls define a bullish journey. The technical experts are also considering the ‘C’ wave pattern of the bulls which is likely to bolster more buying in the short term. Chainlink price analysis shows that the upper boundary of the symmetrical triangle at $27.00 will be the first near term target.
Disclaimer. The information provided is not trading advice. .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.
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