TradingView Analysis

Chainlink Price: Head and Shoulder Chart pattern formed, Price May Decrease Further

Chainlink Price Analysis – September 13

Sellers are facing the $23 psychological support level and aiming to hit the potential support levels at $19, and $16. At the upper side of the chart, the coin may face the resistance level at $29, $34, and $42 provided the support level at $23 hold.

LINK Long-term Trend: Bullish

Key Levels:

Resistance levels: $29, $34, $42

Support levels: $23, $19, $16

Since the beginning of July Chainlink has been soaring higher every day. The coin found resistance at $34 after seen a large percentage of gains through its increase against the dollar. A bearish Chart pattern called “Head and Shoulder” emerges. The price started descending towards the support level at $19.

ChaiLink Daily chart, September 13

However, looking at the daily chart technically, LINK/USD is already in the hands of the bears as the technical indicator Relative Strength Index period 14 supports the bearish action with its signal line pointing downward at 50 levels. Nevertheless, sellers are facing the $23 psychological support level and aiming to hit the potential support levels at $19, and $16. At the upper side of the chart, the coin may face the resistance level at $29, $34, and $42 provided the support level at $23 hold.

LinkUSD Medium-term Trend: Bearish

ChainLink is bearish in the medium term outlook. The increase in price was rejected at the resistance level $34. The price is seen to be moving in between the 9 periods EMA and 21 periods EMA as a sign of an increase in bearish momentum. Meanwhile, the price action has formed a “Head and Shoulder” chart pattern. If the price breaks down the demand level at $23 then, the market may continue to experience a downward trend that could touch the previous low at $12.8

ChainLink 4 hour chart, September 13

The Chainlink price has crossed below the 9 periods and 21 periods EMA, the coin may likely move towards the support level at $19. The indicator RSI periods 14 confirms that the market is moving down as a sign of sell signal

 

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