TL;DR Breakdown

• Chainlink price is expected to rise to $25
• The closest support level is at $23.50
• Chainlink price faces resistance at the $25 mark

After climbing past the $32 mark, the Chainlink price failed to continue its bullish rally and the price has steadily stagnated and dropped to just below $25.While the price at press time holds just below the $25 mark, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a -10.72 and a -12.04 percent decrease respectively. Meanwhile, Bitcoin and Ethereum record a -9.72 and a -10.75 percent decrease respectively

Technical indicators for LINK/USDT

Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing and has been red since yesterday at 4 pm, the histogram’s size has decreased significantly as the price is hovering just below the -1.20 mark. Across the EMAS, the 12-EMA still trades below the 26-EMA, the difference between the two is negligible and they may show a reversal at any time

The RSI broke out of the neutral region into the overbought region at 4 pm on June 7 but has since dropped back into the neutral zone. The indicator currently trades just below the 32.00 mark and moves upwards suggesting a declining bearish presence at the current price level. Moreover, the RSI trades with a steep slope as the bulls are taking over.

The Bollinger bands are currently wide and will expand rapidly in the immediate future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Chainlink price in the short term. However, as the price is consolidating well below the bands’ mean line; the bands will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 15 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing

What to expect from Chainlink price?

Traders should expect Chainlink price to have a short surge upwards towards the $25 and maybe even challenge the $26 mark before the bears take over the market momentum and the price falls back to the support level. The short and midterm indicators also support a bearish trend for the future and are giving a high sell signal.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2021-06-08/