Chainlink Price Analysis – February 4
LINK/USD faces a sharp decline as the bears are gaining strength as they aim for a test of $20.
Resistance levels: $30, $32, $34
Support levels: $20, $18, $16
LINK/USD like many other altcoins; is trading on the negative side. The current pullback has been across the board and the coin is taking a strong hit as well. Currently trading towards the 9-day and 21-day moving averages after touching the daily high at $26.19, LINK/USD is currently dropping from that level to hit the daily low at $22.82.
Where is Chainlink Price Going Next?
On the downside, a move below the moving averages within the channel could increase the short-term selling pressure while the next supports may come at a psychological $30, $28, and $26. Meanwhile, any bullish movement above the upper boundary of the channel may push the coin towards the next resistance at $30, $32, and $34 levels.
On the other hand, the technical indicator RSI (14) is seen crossing below the 60-level, suggesting more bearish signals into the market. Meanwhile, it is not clear how long the session will last because, this month, both bullish and bearish sessions have been frequent. Moreover, the resistance and support levels coupled with the movement of other indicators like the RSI and the MA are to keep eye on.
LINK/BTC Market: Following Sideways Movement
Against Bitcoin, the market price is range-bound as the coin is currently trading at 6401 SAT under the 9-day and 21-day moving averages. However, the daily chart reveals that if the coin makes a cross above the upper boundary of the channel, bulls may end up dominating the market.
However, if the market keeps falling below the moving averages, the next key supports may likely be at 5000 SAT and below. On the bullish side, a possible rise could push the market above the channel and move towards the resistance level of 8200 SAT and above. According to the daily RSI (14), the market may continue the downtrend as the signal line nosedives below the 55-level.