Thursday, April 18, 2024

Chainlink Price Analysis: Potential Dip to $18.12 Seen as Buying Opportunity.

With higher highs and higher lows since the cryptocurrency markets turned bullish in October, the price of Chainlink (LINK) is currently trading with a bullish bias. The altcoin, which has a clear and dependable wave-like behavior inside a range, has made trading easier than it has been since November. If history repeats itself, traders of LINK may have another opportunity to purchase LINK at a reduced price.

Price eyes for Chainlink 10% down prior to the subsequent leg up

Chainlink (LINK) is currently trading near $20.70, which is resistance for the second time in February. Before the next leg up, the altcoin may experience a rejection and drop 10% to $18.12, providing another opportunity to buy.

The Relative Strength Index (RSI) is currently located near the area where it has previously pulled south several times. A bearish crossover in the Moving Average Convergence Divergence (MACD) indicator is also present in the line. This crossover is likely to cause a trend reversal to the south and is expected to be executed once the signal line’s orange band crosses below the MACD.

Around $18.12, the 50-day Simple Moving Average (SMA) at $17.49, or, for traders who are too optimistic, the $16.86 support level—a crucial region that represents the apex of the previous range-bound move—buy orders are probably gathered.

Conversely, if there is more purchasing pressure, the price of Chainlink may grow. A break and closing above the high of the $20.87 range would break the pattern. On the downside, a break and closure below the range bottom of $16.86 would result in a lower low and reverse the trend.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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