Chainlink Price Prediction: Long-term (LINK) Value Forecast – June 1
- On the downside, if the bearish pressure continues, the market will reach the lows of either $0.6000 and $0.8000 price levels.
- From the Fibonacci tool, the crypto's price fell to the 0.50 (50%) Fib.retracement level. The market is now in a downtrend zone.
LINK/USD Long-term Trend: Bullish
- Resistance levels: $1.2000, $1.4000, $1.6000
- Support levels: $0.8000, $0.6000, $0.4000
The LINK/USD pair was in the bullish trend zone. The price of the LINK was in a smooth uptrend. The crypto's price was making a series of higher highs and higher lows. On May 23, the bulls tested the $1.4000 resistance level and the market fell in a downward correction. Initially, the market fell to the support of the 12-day EMA.
It eventually broke the 12-day EMA and found support at the 26-day EMA. On the downside, if the bearish pressure continues, the market will reach the lows of either $0.6000 and $0.8000. From the Fibonacci tool, the crypto's price fell to the 0.50 (50%) Fib.retracement level. The market is now in a downtrend zone.
The bullish trend is assumed to have been terminated. However, if the price breaks the 0.50 (50%) Fib. retracement level, the price will further depreciate to the 0.786 (78.6%) Fib. retracement level. On May 1, the price of Chainlink has an opening balance of $0.5153 and a closing balance of $0.9895.
This indicates the price of Chainlink appreciated by 92% of its capitalization in the month of May 2019. The stochastic is in the overbought region but below the 40% range which indicates that the price of Chainlink is in a bearish momentum and a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.