The LINK/USD market has found new support at the $7.874431 price level. This level is higher than the previous support level which is $6.960214. The price of Chainlink might be preparing for a breakout to the upside. But first, we should expect it to enter into consolidation. After the period of price ranging, the price can breakout into the new direction
LINK Market Price Statistic:
- LINK/USD price now: $7.5576443
- LINK/USD market cap: $3,763,078,160
- LINK/USD circulating supply: 56,547,601
- LINK/USD total supply: 114,855,860
- LINK /USD coin market ranking: #191
Key Levels
- Resistance: $ 7.6923153, $8.00000, $8.1355430
- Support: $7.1253961, $7.0000000 $6.8677055
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Chainlink Market Price Analysis: The Indicators’ Point of View
The price action of Chainlink is forming a symmetrical triangle pattern. The resistance and support are compressing as the market goes. Soon, this market development will culminate into a decisive breakout after consolidation.
The price of Chainlink has been rejected several times at the $8.00000 resistance level. As the price actions keep testing that level, there is the chance that it will soon break through it. The MACD line is reversing in response to the market behaviour. It was formally on the upside before it changed direction facing down. But now, it is reversing to the upside. RSI line is also retracing back into the strong market zone at 51%.
LINK/USD 4-Hour Chart Outlook
Today’s first 4-hour session was opened with a very strong bullish momentum. The candlestick for the first session is known as marubozu which is very significant in a market with high buying pressure. In the second session, the momentum is reduced as bears begin to come into the market. The RSI and signal line is still found measuring a below-zero indication, while in the daily chart the line did not make it to the below-zero level of the indicator before it reverses back to the upside. The MACD line is also now reversing.
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