Chainlink price analysis: LINK finds support at $6.60, can the bulls hold on?

TL;DR Breakdown

• Chainlink price analysis suggests sideways movement between $6.60 and $7.00
• The closest support level lies at $6.661
• LINK faces resistance at the $7.00 mark

The Chainlink price analysis shows that LTC finds support at the $6.60 mark after being rejected from the $7.00 mark. While the price stabilizes above the $6.70 mark, the bearish pressure is yet to fully subside. 

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include EOS and ETH, recording a 9.61 and a 5.89 percent decline.

Chainlink price analysis: LTC finds support at $6.60

The MACD is currently bearish, as expressed in the red color of the histogram. However, the shallow depth of the histogram suggests a low bearish momentum at press time as the ChainLink price finds support at the $6.60 mark. Furthermore, the lighter shade of the histogram suggests a declining momentum as the bulls fight back towards the $7.00 mark.

The EMAs are currently trading below the mean position as net price movement over the last ten days remains negative. Moreover, despite the short-term bullish movement, both EMAs continue moving downwards, with the 26-EMA slowly catching up to the 12-EMA. Regardless, the current gradient suggests a bullish crossover is unlikely in the next two days.

The RSI has been trading in the neutral zone for the past 14 days but has been moving low in the neutral region since September 19. Currently, the indicator hovers at the 34.80 index unit level and is moving upwards, suggesting bullish activity across the short-term charts. However, the low position suggests dominance by the sellers.

The Bollinger Bands have been wide for the last couple of days but now show convergence as the Chainlink price slows down below the $7.00 mark. Currently, the indicator’s bottom limit provides support at the $6.661 mark, while the mean line presents resistance at $7.046.

Technical analyses for LTC/USDT 

Overall, the 4-hour Chainlink price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, only two of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.

The 24-hour Chainlink price analysis shares this sentiment and also issues a sell signal with 14 indicators suggesting a downward movement against only three indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying pressure for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time. 

What to expect from Chainlink price analysis?

The Chainlink price analysis shows that Chainlink is in a downwards trading channel and despite the bulls trying to break past the $7.00 mark, the price has only continued to move downwards. At press time, the price finds short-term support at the $6.60 mark, but the strong bearish dominance makes it hard for the asset to move upwards

Traders should expect LTC to move sideways between the $6.60 and the $7.00 mark as the bulls and the bears fight for dominance. This suggestion is reinforced by the technicals which show a bullish recovery across the short-term but strong bearish dominance across the four and twenty-four-hour charts.