Skip to content Skip to footer

Chainlink Coin Revovery Fails to Sustain Above 200-DMA

chainlink

What is a Chainlink Coin?

Chainlink coin is a blockchain-based solution for connecting smart contracts to external data. LINK is the Chainlink Network token that facilitates transactions within the chain and acts as an access point for off-chain resources like data feeds or APIs. The price of LINK has been on a steady decline since it was released in 2021, but recent developments may change that trend soon. On June 14th, 2018, they announced their partnership with Amazon Web Services (AWS) which will allow developers to use AWS’s technology to connect different blockchains without needing any programming skills! This means people can create decentralized apps using HTML/CSS instead of coding from scratch – which could be really great news if this tool turns out well.

Chainlink Coin Price analysis 

Source: tradingview

chainlink coin price below the major moving average of 200-DMA; LINK has been on a downtrend since March of the year. The price is below its 200-DMA and it appears that LINK could be headed for a potential breakdown.; however, if we zoom out to the big picture, LINK’s price action is still bullish in comparison to BTC’s long-term bear market. The MACD shows that LINK is currently trading at a support level, which was also resistant earlier this year.; This means there might be an opportunity for another upswing soon.

Chainlink (LINK) has a volume below the average line. This is an indication that there are not many people trading this crypto asset right now, and it may be wise to wait for a different time before buying in. currently the volume stands at $1,534,982,116 with an intraday loss of -15%. ​

Chainlink RSI has been trading poorly at 42.00 for over past weeks now and no signs of a rebound appear to be on the horizon so traders can expect Chainlink prices to remain depressed in the short term.

Chainlink MACD is trading on a mixed note with a bearish divergence. In the short term, we should see a neutral movement in Chainlink MACD as it continues to trade below its signal line with a little momentum on either side of this key indicator. The most recent candlestick is bullish and could signify a reversal but without more data points, this may be just noise.