- Chainlink price turned weak near the $8.0 resistance level.
- Buyers submit Chainlink’s price above the 20-day moving average.
- Trading volume fell 33% overnight, registering $320.1 million.
Chainlink’s price moves in lockstep with the market leader, Bitcoin. Since the last month, the price has been trending one way, and there is any upward possibility in the asset price. At the time of writing, the Chainlink token is trading at $7.7, representing a 0.8% intraday gain against the USDT pair.
Despite the fact that the price of Chainlink is range bound, the price movement is constructing a high-low pattern. Over the last several weeks, the asset price has fluctuated through a variety of consolidations, with $5.8 serving as a major hedging region for bulls and the price being rejected at the $9.5 resistance level.
Chainlink token along with Bitcoin pair is slightly down by 0.9% at 0.0003839 satoshis. Again the USDT, Chainlink price action looks bullish above the bullish trendline (yellow). Due to the sideways trend, trading volume fell 33% overnight, recorded at $320.1 Million.
In terms of the daily price scale, Chainlink price is remaining above the 20 and 100 day moving average. The 200 DMA moves higher above the current price of Chainlink. In the past three months, asset prices never hit 200-DMA, which may act as a bullish hurdle ahead. As well, the $8.1 level is immediate resistance.
The RSI found support near the halfway mark and again the RSI peak appears to be flat at the 51.6 level. The MACD indicator is also in favor of a sideways trend as both the moving lines are flat in the higher areas and the histogram is not visible today.
Conclusion
Chainlink price is looking weak in intraday trading session. Buyers often failed to hold the price higher due to the resistance area at the $8.1 level. At that point, the 20-day moving average is acting as an important support and buyers can accumulate prices here.
Resistance level- $8.1and $9.5
Support level- $7.0 and $5.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/07/chainlink-price-moves-downwards-due-to-feeble-market-sentiments/