ChainLink Price Prediction: LINK Struggles to Break The Neckline!

Chainlink price prediction suggests the token’s rising momentum inside an ascending triangle pattern over the daily time frame chart.
LINK crypto price is trying to recover above 20, 50, 100 and 200-days Daily Moving Average through the neckline.
The pair of LINK/BTC was at 0.0002603 BTC with an intraday drop of 0.35%.

Chainlink price prediction indicates the upside trend of LINK crypto to break out from the current neckline off the pattern. However, LINK crypto price has been trying to register its breakout from the neckline of the ascending triangle pattern at $7.643. Meanwhile, it looks like this time the momentum looks pretty rigid and LINK might register its breakout if the accumulation rate remains the same during the intraday trading session.

However, trading volume is still slipping from the hands of buyers as sellers are trying to pull the token. The accumulation rate of sellers might affect the price action of Chainlink as sellers are getting ready for a pullback as LINK crypto price approaches the neckline.

Chainlink price was at $7.41 and has gained 0.60% of its market capitalization during the day’s trading session. However, trading volume has dropped by 11.32% during the intraday trading session. This demonstrates that sellers are accumulating themselves for a pull back. Volume to market cap ratio was at 0.07279.

Chainlink price prediction showcases the upward momentum of LINK crypto price inside the ascending triangle pattern over the daily time frame chart. Meanwhile, Chainlink price is trying to sustain above the 20, 50, 100 and 200-days Daily Moving Average in order to register its breakout.

However, trading volume is still below average and needs to grow during the day’s trading session for LINK to remain in the recovery phase. Chainlink crypto has recovered around 6.85% in a week and 6.95% in a month demonstrating the growth of LINK crypto price.

Moreover, Chainlink crypto price has surged around 27.91% in the last three months. Chainlink has also gained around 33.40% year to date suggesting the maximum recovery of LINK crypto during 2023.

Technical indicators suggest the sustainability issues of LINK crypto at the neckline of ascending triangle pattern. Relative strength index showcases the consolidation of LINK price at the neckline. RSI was at 53 and is flat above neutrality.

MACD exhibits the same as the MACD line is overlapping the signal and is waiting for anytype of crossover. Investors in LINK crypto needs to wait until the chainlink price breaks out of the upper threshold of the ascending triangle pattern.

Summary

Chainlink price prediction indicates the upside trend of LINK crypto to break out from the current neckline off the pattern. However, LINK crypto price has been trying to register its breakout from the neckline of the ascending triangle pattern at $7.643. Chainlink has also gained around 33.40% year to date suggesting the maximum recovery of LINK crypto during 2023. Technical indicators suggest the sustainability issues of LINK crypto at the neckline of ascending triangle pattern.

Technical levels:

Support Levels: $7.00 and $6.80

Resistance Levels: $7.671 and $8.15

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing