CHAINLINK Price Prediction Today: Daily (LINK) Value Forecast – June 4
- The short and medium-term outlook is in a downtrend.
- Traders may consider selling at pullback area with bearish bullish exhaustion as confirmation for entry.
LINK/USD Medium-term Trend: Bearish
Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.50, $2.00, $1.50
The cryptocurrency is in a bearish trend in the medium-term outlook. The coin was in consolidation after the drop on 30th May to $0.9046 in the demand area. It was a period for the bears to build enough momentum for continuation to the downside.
The journey to the downside began with a large bearish candle toward the close of the market yesterday. LINKUSD dropped to $0.8814.
Today 4-hour opening candle at $0.8986 sustained the bearish momentum with a further drop to $0.8372 in the demand area.
Currently, a bearish flag is been formed by the bulls with price up at $0.9335 which is at the upper line of the descending channel. A drop to $0.70000 at the lower line of the channel is imminent as the bears resume the downward continuation.
LINK/USD Short-term Trend: Bearish
The short-term outlook of the cryptocurrency is downtrend. The bearish railroad formation during yesterday session at $0.9985 initiated the downward journey. The pressure was lost at $0.83335 in the demand area shortly after today’s opening session.
A market correction was necessary hence the pullback to the 61.8 fib area which also has the 50-EMA acting as resistance against upward price movement.
Wicks are signal of bullish exhaustion and its seen in the candle at the area, it suggests the bears are gradually returning.
The bears' dominance is imminent and this may be announced with a large engulfing candle.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.