Chainlink Price Analysis – April 3
The Chainlink price is facing sellers’ action as the coin aims next support level.
Resistance levels: $35, $37, $39
Support levels: $28, $26, $24
At the time of writing, Chainlink is heavily down with 6.88% at its current price of $30.28. This marks a notable decline from recent highs of $33.15 that was set in the early hours of today. According to the technical indicator RSI (14), the coin may continue to follow the downward trend as the signal line moves below 55-level.
What to Expect from Chainlink (LINK)
If the $29 support level failed to hold strong, a break below it could spark a capitulatory plunge that may cause the crypto to see another serious loss. However, this potential decline could be similar to that seen in the late last month when LINK/USD dove to lows of $23.75 before rebounding again. Presently, the support levels to watch are located at $28, $26, and $24 respectively.
However, LINK/USD is now trading between support and resistance at $29 and $33 as the market price moves toward the 9-day and 21-day moving averages. According to the breakdown from a bullish pattern, it would be more likely for the price to retrace all the way to the $32 support area outlined in the previous section before reaching the potential resistance levels at $35, $37, and $39 respectively.
LINK/BTC Market: Keeps Maintaining the Downtrends
When compares with Bitcoin, the Chainlink price remains within the descending channel as the coin is seen trading above the 9-day and 21-day moving averages at 5190 SAT. Looking at the daily chart, if the bulls can regroup and push the coin above the upper boundary of the channel, they may end up controlling the market.
In other words, if the market keeps dropping, the next key supports may likely be at 4900 SAT and below. On the other hand, a possible rise could push the market towards the resistance level of 5900 SAT and above. The RSI (14) moves below 55-level, suggesting more bearish signals.