Chainlink Price Analysis – May 17
For Chainlink’s downward trend, the dip is likely to worsen because of a recent decline in the crypto world.
Resistance levels: $45, $47, $49
Support levels: $30, $28, $26
LINK/USD like many other top cryptos is trading on the negative side. The current pullback has been across the board and the Chainlink is taking a strong hit as well. Currently trading at $37.23, it has dropped from under $40 and hovers around this level for a while before this major drop to the daily low of $35.13 at the time of writing this.
Where is Chainlink Price Going Next?
On the downside, a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at a psychological $30, $28, and $26. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance at $45, $47, and $49 levels.
On the bright side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because, this month, both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators like the Relative Strength Index (RSI) and the Moving Averages (MA).
LINK/BTC Market: Bears are coming into Focus
Comparing with Bitcoin, the market price remains within the ascending channel, for now, currently trading at 8636 SAT breaking below the 9-day moving average. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may end up dominating the market.
However, if the market drops more, the next key supports may likely be at 8000 SAT and below. On the bullish side, a possible rise could push the market above the upper boundary of the channel to hit the resistance level of 9500 SAT and above. According to the technical indicator Relative Strength Index (14), the market may continue the downtrend as the signal line nosedives below 60-level.