Tuesday, July 23, 2024

Chainlink Vulnerable at $6.50 As Bears Seek to Topple the Bulls.

Chainlink after dipping to $6.40 is holding at $6.51. It has been down by 1.43% in the last 24 hours, as per data from CoinMarketCap, as bears seek to dominate the broader crypto market.

There has been a negative market sentiment over the last 24 hours as the battle between the bears and the bulls continues. LINK is vulnerable and shaky at its current price. If it gains ample support, LINK can touch $6.55. But the MACD is bearish, but the momentum is declining. Charts suggest that the EMAs are currently trading below the mean position as net price movement over the last 10 days remains negative. The 12 EMAs are showing an upward rotation as the two EMAs start to converge. This reflects an increasing buying potential.

Moreover, the RSI is in the neutral region but was trading above the mean level for the past 14 days. The index is now at 39.59 unit level and the horizontal movement shows a struggle for dominance between the bulls and the bears. Various data analysis highlighted the Bollinger Bands expanding at the momentum to accommodate the recent bearish movement. LINK has currently found support at the $6.40 level. This may prompt the bulls to stabilize LINK’s price action.

Additionally, the altcoin is in a sell signal – 15 of the 26 major technical indicators supporting the bears, and only one supports the bulls. If LINK price continues its upward movement, it will face rejection at the $7.00 level and lead to a price drop to $6.40.

All for the test.

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