Chainlink (LINK) has slightly retreated today while the market is being cautious due to the small movement of Bitcoin. However, it is pointed out that the major supports of the LINK are being maintained. If so, the next major resistance can be the target.
At the time of writing, LINK is trading at $13.82, with a 24-hour trading volume of $768.25 million and a market capitalization of $9.81 billion. Over the last 24 hours, LINK experienced a slight dip of 0.61%, reflecting a cautious market as investors await clearer signals from Bitcoin and the broader crypto market.
Chainlink (LINK) Poised For Rally
Popular crypto analyst, CRYPTOWZRD, shared insight that the daily chart of LINK ended the day slightly down, after Bitcoin’s slight correction. The chart of LINK/Bitcoin (LINKBTC) also remained range-bound, with little momentum either way. The analyst pointed out that if key levels of support were held, it could cause a move upwards towards $16 or beyond, depending on Bitcoin’s strength.
According to technical analysis, it is important to note that LINK’s lower high trend line is a key level to focus on. This is in addition to the fact that holding this level may cause a rapid increase, while a sharp decrease in Bitcoin may cause LINK to lose some of its momentum.
It is important to note that investors need to focus on LINK’s intraday actions in order to gain rapid profits.
LINK Intraday Patterns Suggest Gains
On intraday charts, it was observed that LINK was experiencing highly volatile trading. Analysts are paying close attention to the support level of $13.50. They believe that if it bounces back from this point, it may present buying opportunities. On the flip side, if it continues to decline below $13.50, it may present opportunities for temporary weakness.
As market sentiment is still affected by Bitcoin’s performance, Chainlink is still on course to witness a potential reversal in a bullish manner. Market participants are currently observing both support and resistance levels to determine what to expect next in the cryptocurrency market for LINK.
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Chainlink Weekly Momentum Stays Weak
RSI is close to 43.35, with the signal value of 41.64, indicating weak momentum and a lack of intense buying pressure. The current market value is $13.84, which is below the MA ribbon, indicating a bearish market structure. The MA ribbon is stacked lower with SMA 20: 16.65, SMA 50: 16.43, SMA 100: 16.22, and SMA 200 is close to 12.56, indicating long-term support.
MACD is still negative at -0.38 and is below the signal line at -1.46. This is a sign of a weak trend. The histogram is still below zero. This means sellers are currently in control. Until MACD turns up, any rallies could remain range-bound.
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