Chainlink Price Analysis – June 15
The Chainlink price is facing sellers’ action as the coin aims next support level.
Resistance levels: $35, $37, $39
Support levels: $17, $15, $13
At the time of writing, Chainlink is trading sideways with a 0.21% loss at its current price of $24.93. This marks a slight decline from recent highs of $26.46 that was set during the European session today. According to the technical indicator Relative Strength Index (14), the Chainlink price may continue to follow the downward trend if the signal line crosses below 40-level.
Chainlink Price Analysis: Way Forward for Chainlink (LINK)
If the $24.0 support level failed to hold strong, a break below the 9-day and 21-day moving averages could spark a capitulatory plunge that may cause the crypto to see another serious loss. However, this critical decline could be similar to that seen in the last few weeks when LINK/USD dove to a low of $15 before rebounding again. At the moment, the support levels are located at $17, $15, and $13 respectively.
However, the Chainlink price is now hovering between support and resistance at $24 and $26 as the market price moves within 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 $22 support area outlined in the previous section before reaching the potential resistance levels at $35, $37, and $39 respectively.
LINK/BTC Market: Keeps Following Sideways Movement
Against Bitcoin, the Chainlink price remains within the channel as the coin moves within the 9-day and 21-day moving averages at 6223 SAT. Looking at the daily chart, if the bulls can regroup and push the coin above the 9-day and 21-day MAs, they may end up controlling the market.
However, if the market drops below the lower boundary of the channel, the next key supports may likely be at 4900 SAT and below. On the other hand, a possible rise could push the market above the 9-day and 21-day MAs to reach the resistance level of 5900 SAT and above. Meanwhile, the Relative Strength Index (14) moves above 40-level, suggesting bullish signals.