Chainlink price action is currently ranging sideways, waiting for any hint to make its next move. LINK is trading in a downward wedge formation, an indication that it might be forming for a breakout, especially in case the buying force becomes more dominant. Nevertheless, it seems like momentum is not enough to allow buyers to overpower the bears.
At the time of writing, LINK is trading at $9.09, showing a slight 1.28% increase over the last 24 hours. The token holds a market capitalization of about $6.61 billion and a daily trading volume close to $338.53 million. Overall, the Chainlink price is moving in a narrow range as the market waits for a clearer direction.
Source: CoinMarketCap
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Chainlink Price Holds Key Support
A crypto analyst, Alpha Crypto Signal, published his report about Chainlink price movements, stating that LINK is still trading within the falling wedge pattern. Such a pattern is frequently observed after the prolonged downtrend period, and if buying activity starts intensifying, it may result in a reversal.
Source: Alpha Crypto Signal’s X Post
Currently, the Chainlink price is being held around the bottom line of the wedge pattern. The buyers are attempting to hold this level as support, which makes it highly significant at this time.
The possibility of a breakout of the top trendline will see the LINK price moving higher and may affect the current trend.
LINK Price Shows Bearish Momentum
The momentum indicators are also showing that Chainlink’s price is weakening. This is shown by the RSI falling to 40.43, and the RSI moving average stands at 44.94. The current price of Chainlink is under the neutral value of 50 of the RSI.
There has been a pullback from the recent high price of around $10.70 for Chainlink, and the current price is now around $9.09, indicating that there is ongoing selling in this cryptocurrency.,
Source: TradingView
The MACD indicator also validates this claim. The MACD line is now at -0.13618, the signal line is currently at -0.10062, and the histogram stands at a negative level of -0.03556.
This indicates that the pressure to move lower is increasing, and unless Chainlink manages to recover between $9.20 and $9.50, the pressure will continue.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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