Chainlink is trading at $3.1 as we write this and it holds the 17th spot by market capitalization, according to coinmarketcap.com. LINK had a good day, but a worse week as it has gained the value by 2.79% while own by 13.6% respectively.
As we write this, the coin seems to be stuck in sideways trading. But despite the losses, it’s had recently the technical indicators are green, which is quite rare. But let’s not go by subjective opinions. Let’s see the monthly and daily technicals to find out if we can learn something interesting about LINK’s market behavior.
24-hour market technical analysis
The first support level is at USD 2.95, which means it’s not that far from the current price. Since the coin seems to be going up at the moment, this support level could not be tested very soon, in the next few minutes or hours.
But we don’t foresee any significant trends around the corner because the trading volumes are basically inexistent.
The first resistance level is at USD 3.59. It’s unlikely to be tested any time soon, but the cryptocurrency market can change drastically at any minute.
But here’s the kicker: every single technical indicator is for the bulls. Most moving averages are also for the bulls (9 out 3).
So what to make of the daily scenario? Well, it could be signaling for an excellent opportunity to buy very cheap when you can. But we shouldn’t draw any conclusions without looking at the monthly technical analysis first.
Monthly technical analysis
The monthly numbers make more sense. In the monthly, the price is above the pivot point (2,94). That is usually interpreted as a sign that the bulls are in. The first resistance level is at USD 5,03, which is very far away from the current price. So those numbers alone signal that LINK should stop losing value soon and go up to test the first resistance level.
There is one technical indicator signaling for the bears, but every other one is for the bulls, and every moving average is also bullish.
So, again, the numbers are signaling to buy, but in this scenario, it’s easier to understand why.
It’s a confusing day in the LINK market.
It’s been losing value for a full week already. That could mean that this is a great chance to buy cheap. It could also mean that it is trending down and you should stay away. And it’s tough to decide which is the right option because it’s been trading sideways for a long time already.
All that being said, the trading volumes are very low, and when they’ve happened, they’ve been bearish. So maybe this is an excellent day to stay far away from LINK until a clear trend appears.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.