Chainlink is a decentralized oracle-based blockchain network that provides reliable and tamper-proof inputs and outputs for multi-chain smart contracts. It provides a highly scalable and flexible infrastructure for the development of decentralized apps and smart contracts seamlessly. LINK is the prime governance token of this ecosystem. Let us look at the technical analysis of the same. Past Performance On Jun 21, 2021, LINK opened at $21.67. On Jun 27, 2021, LINK closed at $18.34. Thus, in the past week, the LINK price has declined by roughly 15%. In the last 24 hours, LINK has traded between $16.63 – $18.52. https://ift.tt/3dnKXg5 Day-Ahead and Tomorrow Currently, LINK is trading at $18.09. The price has decreased from the day’s opening price of $18.34. Thus, the market seems bearish. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further. Currently, the RSI indicator is at 59%. It faced rejection at 42% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the LINK price. However, the OBV indicator has started declining steadily. Thus, selling volumes are higher than buying volumes. High selling activity will push the price down. In short, the MACD and OBV oscillators have given negative signals whereas the RSI indicator has given positive signals. Thus, as of now, the overall market momentum is bearish. However, we have to wait and watch if intermittent price rises are market corrective action or signs of a bearish trend reversal. LINK Technical Analysis Currently, the price is below the first Fibonacci pivot resistance level of $18.55. It may soon fall below it and further below the Fibonacci pivot point of $17.83. If bears remain strong till the day’s end, the price may further fall below the first, second, and third support levels of $17.11, $16.67, and $15.94, respectively. The price may soon test and fall below the 76.4% FIB retracement level of $18.07. The price may further fall below the 61.8% FIB retracement level of $17.80 as well. Thus, as of now, the bears seem strong. In that case, the price downtrend may continue today and tomorrow.
The post LINK Technical Analysis: Price May Further Fall Below the 61.8% FIB Retracement Level of $17.80 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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