While the traditional cryptos like Bitcoin and Ethereum are manifesting a misty environment, yet the DeFi tokens despite the bearish trend, showcase the possibility of going parabolic.
Most of the DeFi tokens are recovering with a huge margin, aiming to clear their respective resistance levels. Chainlink, on the other hand, is plunging drastically by more than 6% yet showcasing a possibility of undergoing a notable uptrend shortly.
Technical IndicatorsValue(1Hr / 1D)Action (1Hr / 1D)RSI42.72 / 60.41Sell / BuyMACD-0.228 / 1.433Sell / BuyATR (14)0.49 / 3.08Less Volatility / High VolatilityBull-Bear Power-0.45 / 2.47Sell / Buy
Chainlink price is manifesting a mixed market sentiments as the short-term trend manifests a strong sell where-as the long term is pretty bullish. The RSI is weak in the short-term but is showing huge strength in the long-term.
While the MACD is a little bearish in the STF with mounting selling pressure and in the HTF a huge buying volume is mounted but also a chance of minor pullback may be expected.
Average True Range(ATR) which records the market sentiments point out LINK being less volatile in STF while highly volatile in LTF.
On the other hand, Bear appear to be much stronger in short-term compared to the long term where bulls continue to thrive.
Moreover, the LINK price is hovering in between the 50-day & 100-day MA levels in short term while in long term, both act as a strong support levels.
Chainlink Price To Resume Massive Bull Run
Chainlink price got rejected just below the major resistance from the past couple of days and started the present day trade much below these levels.
No doubt currently the major resistance around $30 appears to be pretty distinct, but may be still achievable before the end of the week. On the other hand, despite the selling pressure, yet the price sustains itself close to $30 which itself is a huge bullish indicator.
Ever since the LINK price had flipped the bearish divergence in the mid of December, it maintained a notable uptrend. While it was about to test the important resistance levels, a minor pullback hampered the uptrend.
However, the current pullback does not appear to be pretty strong and hence may be flipped quickly. Once the price slices through these levels, then the Chainlink price may resume with a healthy bull run.