On Tuesday, Chainlink (LINK) is trading at $8.63 after rising slightly by 1.02%, according to CoinMarketCap. The token has experienced an increased trading volume, rising by 5.58%. The market capitalization is valued at around $6.1 billion. However, Chainlink declined by 10.95% over the last seven days.
Source: CoinMarketCap
LINK Near Symmetrical Triangle Apex
Jonathan Carter, an analyst, highlighted that Chainlink is trading near the boundary of the symmetrical triangle in the two-week price chart. The price has reached the apex of the triangle, which is the decisive point for the cryptocurrency. The analyst also noted early signs of compression in token.
The analyst also stated that cryptocurrency has set clear targets in case the price rebounds. The targets are identified at the levels of $11.50, $22.00, $34.00, and $48.00.
Source: X
Additionally, another analyst, Ali Martinez, mentioned that the price level that LINK must hold in the coming days is $8.47.
If the price holds at the level, the cryptocurrency could move towards the level of $8.74 and later to the level of $9.02. The token also needs to display increased trade activity to hold the price at the level.
Key Support and Resistance Levels for LINK
According to CoinLore data, the LINK token has to remain above the price of $7.74 to start any upward movement. The first resistance point for the token is at $9.51. If the token manages to cross the first resistance point, the second resistance point will be at the price of $10.80.
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However, if the selling pressure increases further, the first point of support for LINK will be priced at $7.74. If the token loses the first point of support, the second point is at $6.68.
RSI Turns Oversold as MACD Signals Bearish Trend
The Relative Strength Index (RSI) shows that the current value of the token stands at 30.30, while the signal line stands at 28.56. These values show that the token has entered the oversold zone.
The Moving Average Convergence Divergence (MACD) shows that the signal line has continued to show bearish signals for the token. The current value of the MACD line stands at -1.073, while the signal line stands at -0.976. The histogram stands at -0.097.
Source: TradingView
Analysts are looking at the symmetrical triangle as the token tries to gain some strength. The current price zone might decide the future direction of the token. A firm reaction could support a short-term rebound. A weak reaction may extend the decline toward support.
Also Read: Chainlink Rises 5% as Momentum Signals Breakout Towards $12
