This week, we have a new altcoin entering the market, and it looks like it has a lot of potential. We are talking about LINK Chain, a decentralized oracle system. Using LINK Chain, companies can easily pay for data with LINK tokens. Data providers can get paid and data consumers can get an incentive to use the data. The oracle system will help companies and data consumers to get the data they want. LINKChain is using smart contracts to improve the transparency of data consumption.

LINK is one of the top 10 largest cryptocurrencies by market cap, and arguably the most important due to its influence on the price of the entire market. The token has held on to its market share and gained some ground during the bearish market, but even so, the token’s price has been declining gradually. The supply zone of $26.00 – $26.30 has brought a new supply of LINK, with the supply zone returning to its prior supply zone after the previous supply zone was exhausted.

It is fair to say that LINK has performed a lot better than the vast majority of the cryptocurrencies. For a long time, the project was seen as an Ethereum competitor, but it was eventually decided to create its own blockchain, which is still being tested right now. As the project is still a bit speculative, as well as not being fully fleshed out yet, the price has been slumping hard. The supply zone is currently in a $26.00 range, which is quite low for LINK, as the supply zone is usually about $32.00.

TL;DR

  • The chainline price analysis becomes opaque when the price hovers near the critical support area.
  • LINK/USD falls to $26.85 on buying interest weakens near 200-day moving average
  • Resistance at $30 poses a serious challenge to the bulls in weekend trading.

Crypto-currency heat map by Coin360 word-image-1130 Chainlink’s price imitates other altcoins and gradually drops to the lower support areas. The tightening of the Bollinger Bands does not help as the pair falls back to the support zone at $26.80. The 50-day moving average presents a challenge for bulls on low volume. Last week the price moved in a narrow range. Today the pair reached a high of $30.17 and a low of $26.06. The downward price channel does not have a steep slope. The price is gradually falling towards the lower support zone around $25. A sharp rise in sales could make the price break through support at $25 and hit the $23 zone. The market is sending bearish signals to traders, which are also reflected in the volume figures. A move into bearish territory has pushed price below the 50-day moving average. If volatility increases again, the price may spiral in either direction.

Chain price movements in the last 24 hours: Gradual decrease to $25

The price analysis on Chainlink has turned bullish now that the pair has touched the upper limits of the Bollinger Bands at $32.00. However, the vendors were ready to turn the party around and turn the tide. Bearish price action reversed last week’s significant gains and LINK/USD fell to $26.00. On the hourly chart, the candles show a red pattern that represents a gradual decline. LINK/USD’s advance was capped at $32.5, with immediate lower support at $24.5. Side-trading also affects the long-term charts, which become neutral. A breakout may occur when the pair reaches critical oversold levels. A change in sentiment in the broader crypto-currency market could also trigger a sudden bullish move. Even in this scenario, the upward trend would be capped at $35.5. Most technical indicators show neutral or bearish signals. An asymmetric triangle pattern also forms on the smaller time scale charts. However, the bears will have to push the price below $23.00 to get a full bearish picture.

TradingView’s Chain link price table word-image-1131 The MACD crossing in the down direction indicates that the bears are taking control of the pair. While the movement is only evident on the hourly charts, it can quickly intensify over the weekend. The RSI is already below 40 and it could fall quickly if selling pressure increases. Moreover, the Stochastic RSI continues to reinforce bullish fears. Chain price analysis shows that the 200-day moving average is attracting buyers. However, price developments over the weekend have negated this positive trend. On the upside, the LINK/USD is under pressure from $29.60, where the 50-day moving average is exerting bearish selling pressure. The sharp drop in volume suggests a gradual decline to the $26.06 level. Therefore, bulls will need to increase volume and liquidity to drive the price up. According to Chainlink’s price analysis, the current price action will drive the price in the supply area.

When LINK/USD closes above the $26.00 supply area, the pair has a chance to go higher. According to Chainlink’s price analysis, moderately positive sentiment will help the bulls build a short-term rally towards $29. However, in order to break the $30 threshold, they will have to transport large quantities. The last 24 hours show that the bulls’ resolve is weakening. Overlapping technical indicators are also clouding the picture for the bulls. Chain Link’s price analysis has become opaque because several technical indicators give conflicting signals. However, as the weekend approaches, the price could move in a more confident direction. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Chainlink is a new type of cryptocurrency that enables the deployment of decentralized oracles. By simply adding oracle nodes to a network the users are able to retrieve data from off-chain sources about a variety of events, such as the price of an asset, the number of a validating node or the current number of an atomic transaction. In my last post I was keeping an eye on the LINK price as it gradually dropped to the $26.00 supply zone. While LINK is now barely trading at $26.00 with a market uptick, markets are extremely volatile and the price will probably drop again.. Read more about chainlink price prediction and let us know what you think.

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