Chainlink (LINK) Price Analysis (April 21)
- LINK/USD market now faces a small correction after striving to make a series of lower highs below a high value at $4 mark.
- A northward breakout of the $4 major distribution territory will play a crucial role in determining a bullish resumption of the LINK/USD market.
- LINK/USD bears may push to form a series of lower lows towards the $3 major accumulation territory.
Chainlink (LINK) Price Analysis
- Major distribution territories: $4, $4.5, $5
- Major accumulation territories: $3, $2.5, $2
LINK’s market worth has over time, striving to stage a rebound, against the trading positions, of the US dollar. Presently, there has been a notable line of retracements after slightly surging northbound below the $4 main distribution territory. LINK/USD’s price now hovers around $3.5 line.
As it is, the crypto appears mustering energy around the $3.5 LINK/USD mark to make a push to the north. However, the crypto may oppose in its northward moves bid at the $4 major distribution territory. While that assumption plays, it could be a decent point entry for a downward price pressure.
Chainlink (LINK) Technical Indicators Reading
The Bollinger Bands are more of pointing to the north-east than the 50-day SMA trading indicator. The trading SMA now trends at the $3.5 current market’s point a bit over the Lower Bollinger band to signal an ongoing range moves. The Stochastic oscillators have initially dipped past range 20 into the oversold region briefly. But, they now attempt to cross the hairs at the said range zone. That also complements the other indicators signifying price consolidation moves in LINK/USD trade operations.
As at the time of writing, trading instruments indicate that the crypto’s value trades, n a consolidation moving cycle, which has made placing of an order difficult.. On the downward side, the LINK/USD bears may be pushing to form a series of lower lows towards the $3 major accumulation territory. Like in the recent past, that price could be testing mark where there is potential of seeing a downward price rejection.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.