Chainlink price prediction turns mildly bearish for the short term and suggests prices are in a correction phase. It broke down the $6.50 support and formed a bearish pattern.
LINK price drops below the 50-day and 200-day EMA. It showcases the short-term trend as well as the positional trend is turned down. However, the 200-day EMA slopes sideways indicating prices might spend time inside a narrow range.
In the mid of July, Chainlink Price surges 20% in a single day with a strong buying volume. It created hope for the $8.00 breakout but prices failed to give the follow-up momentum.
LINK crypto price faced rejection from $8.50 and reverted in a downward direction. Slow and steady prices declined and eroded the gains generated in the past few months.
Chainlink price is trading at $6.412 with an intraday decline of 0.52%. The 24-hour volume to market cap is 5.31%.
The pair of LINK/BTC is trading at 0.0002367 with an intraday rise of 0.13%. The price chart of this pair looks quite similar to the USDT pair and the presence of sellers is visible.
Is Chainlink Price Look Cheap at Current Levels?
Chainlink price prediction suggests prices are near the crucial support so a pullback rally is possible.
In the recent downfall, LINK crypto prices hit a swing low at $5.600. But buyers managed to close the session above $6.00. It shows that responsive buyers are also active and trying their best to rebound.
On the lower side, $5.00 will act as crucial support for the bulls. Therefore, till the price trades above $5.00, the possibility of a bounce back remains high. Presently, LINK price looks cheap and buyers might show their interest to accumulate at lower levels.
LINK Price Holds the Previous Week Low
LINK price fell 15% (approx.) in the previous week and formed a giant bearish candle. However, the buyers are trying their best to defend the previous week’s low.
The MACD curve slips below the zero line and the distance between EMA and MACD line gets wider. It indicates prices likely to trade with a mild bearish bias.
The RSI at 31 denotes the strength of bears. However, the RSI curve is near to the oversold territory so a relief rally may trigger anytime.
Conclusion
Chainlink price prediction is mildly bearish for the short term and sellers are active. But LINK price looks oversold and near to crucial support so recovery is possible in September.
Technical levels
- Resistance levels: $7.00 and $8.466
- Support levels: $5.600 and $4.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/22/chainlink-price-prediction-will-link-price-recover-in-sep-2023/