LINK Price Analysis: LINK Price Trading Within a Sideways Range?

The LINK price is currently trading sideways which suggests that the market is currently in the accumulation phase. The price has recently crossed above the 200 EMA within the last few weeks. While long-term investors might prefer to wait for a breakout before making a decision the current situation is ideal for short-term buyers and sellers.

The price is currently giving a move of more than 60% in the full trend curve and 40% in the half curve. The trading volume in the price action is suggesting that at the present time, there is a strong presence of buyers and sellers. The price has recently crossed above the 200 EMA after taking support from $6.000 making a bullish move of 34 percent which suggests that the price is making a bull trend.

Link price giving a bearish crossover on the (Daily Timeframe)

The overall market sentiments are at present trading near the Greed zone at around 68 points seeing a significant increase of 7 points. This increase was observed within the last week when the market was trading at around 61 points, As per the Greed and Fear Index provided by the Alternative(dot)me.

The majority of bears are currently dominating most of the price action by 50 to 59%., as per Coinglass a crypto information platform.

Technical Analysis ( 1 Day Timeframe )

The price of LINK has recently crossed the 100 and 200 Moving Averages. The current support levels for the LINK price are around $7.000 and its major support level is at $5.300. The resistance point for the price of LINK is near $9.000 and its major resistance is at $7.615.

The RSI line is currently trading above the overbought levels. As of now, the RSI is indicating that it might make a bearish move in the near future while the RSI line is already taking rejection from 70 points. The value of the RSI line as of now is 64.47 points, while the 14 SMA is providing support to it at around 54.36 points.

The stochastic RSI is trading around the demand zone of 99.13 points. The %K line is giving a negative crossover below the %D line. The Stochastic RSI is suggesting that it might make a bearish move in recent days where the lines have already started moving towards the oversold levels.

Technical levels –

Support –$5.300 and $7.000

Resistance – $9.000 and $7.615

Disclaimer

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