Chainlink (LINK) Price Analysis: Bearish Signs Appear Below $14.00
Chainlink’s price is currently displaying bearish signals below the $14.00 resistance level against the US dollar. The cryptocurrency is trading below the $13.60 mark and the 100 simple moving average over a four-hour period. As a result, a key bearish trend line is forming with resistance sitting near $13.50 on the LINK/USD chart sourced from Kraken.
Chainlink (LINK) Price Turns Red
Over the recent days, Chainlink has experienced a gradual decline from levels significantly above $13.80. The price dropped below the $13.50 support threshold, plunging into a short-term bearish territory alongside other major cryptocurrencies such as Bitcoin and Ethereum.
- The price tested the $13.10 support area, hitting a low of $13.07 before initiating a recovery attempt.
- Subsequently, the price surged above $13.50, surpassing the 23.6% Fib retracement level of the downward movement from the $14.30 peak to the $13.07 low.
- Nevertheless, selling pressure intensified below the $13.80 resistance level and the 50% Fib retracement level from the $14.30 high to $13.07 low.
Currently, the LINK price remains below the $13.80 zone and the 100 simple moving average over four hours, indicating a bearish trend. Immediate resistance lies near $13.50, with a prominent bearish trend line forming on the LINK/USD chart.
More Losses?
If Chainlink’s price struggles to surpass the $13.50 resistance, a fresh decline may be on the horizon. Initial support is situated around $13.10, followed by a significant support point near $12.80. Further downward movement could push the price towards the $12.20 level, potentially targeting $11.50 in the near future.
Technical Indicators
From a technical standpoint, the MACD for LINK/USD on the four-hour chart is indicating a growing bearish momentum, while the Relative Strength Index (RSI) has dipped below the 50 level.
- 4 hours MACD – The MACD for LINK/USD shows an increase in bearish momentum.
- 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently below the 50 level.
Key support levels to watch include $13.10 and $12.80, while major resistance levels are seen at $13.50 and $13.80.
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