Chainlink [LINK] Price Analysis & Prediction: 24 March

Chainlink recently lost crucial support provided
by a key technical pattern. This opened Pandora’s box as bulls focused
on securing higher support. The area at $26 remained unbroken, with LINK
making a shallow rebound above $27. However, LINK’s buyers seem to be struggling
with the uptrend, a situation that brings to light potential losses aiming for $19. Chainlink’s breakdown to $20 around mid-February
culminated in a considerable recovery. However, LINK failed to overcome the resistance
at $32, leading to an ascending triangle. On the downside, the decentralized Oracle
token sustained an uptrend, forming the hypotenuse of the triangle. A bullish breakout is expected once the price
cracks the x-axis resistance. However, a correction came into the picture
due to the price sliding under the ascending trend line. If the ongoing recovery does not overcome
the hurdle at $30, Chainlink may extend the breakdown toward $19, as illustrated on the
chart. IntoTheBlock’s IOMAP chart highlights the
immense resistance toward $30, thus invalidating recovery in the short term.

The most robust seller congestion zone holds
between $28.2 and $29. Here, 12,500 addresses had previously bought
approximately 58.7 million LINK. On the flip side, feeble support exists to
prevent Chainlink from diving further. However, the model brings our attention to
the region running from $26.5 to $27.4. Here, roughly 14,600 addresses had previously
scooped up around 6.3 million LINK. This support, however, does not seem strong
enough to avert the potential losses. Looking at the other side of the picture.

The 4-hour Moving Average Convergence Divergence
(MACD) indicator shows a potentially bullish scenario. This bullish outlook will be validated by
the MACD line (blue) crossing above the signal line. Moreover, the indicator must move into positive
territory to ascertain the uptrend to higher price levels..

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