Chainlink is among the top cryptocurrencies today. It offers a link between smart contracts and the real world. Can it maintain its sustainable market? Let’s find out in this Chainlink analysis.
Chainlink (LINK) current market status
On September 19, 2022, the price of Chainlink showed a bearish movement. It has huge negative momentum, showing a decline in the asset market. Currently, Chainlink’s price is around $7.48, with a 24-hour trading volume of about $603,856,422.
LINK comes with a circulating supply of 467,099 986. You can trade in crypto exchanges with the asset, including KuCoin, Binance, FTX, OKX, Z.B.COM, and Coinbase Exchange. The LINK price signifies the market’s volatility and the lowering movement. It only suggests that the asset price is less prone to variable change.
The value of the Chainlink seems to move under the Moving Average price, which presents a bearish movement. The upper limit of the Bollinger band is around $8.2, which serves as the strongest resistance of Chainlink. On the other hand, the Bollinger band’s lower limit is about $6.4, which is also the asset’s most substantial support.
Moreover, the price of Chainlink has 45 RSI or Relative Strength Index, which shows a stable cryptocurrency. It represents that the asset is in the lower neutral region. The RSI path also changes to a downward movement. The lowered RSI score also signifies dominant selling activities.
Potential strongest resistance of Chainlink
The current strongest resistance of Chainlink is around $8.2. The bears dominate the market trend. The price of the cryptocurrency is moving downwards, showcasing a decreasing market. Since the market is likely to be broken, it can result in a reversal movement. The bulls can still have hope.
The price analysis for LINK indicates a 32 RSI or Relative Strength Index. It represents an undervalued crypto stock. The selling activity dominance makes the RSI score decrease.
Technical analysis for Chainlink
Trend
There is an uptrend on a medium and short-term basis and a downtrend on a long-term basis.
Trade setup
After a bullish breakout, the worth rallied but was rejected around the $10 to 11 resistance zone. The pullback around $7 support can offer a swing entry with upside potential to a $10 to 11 resistance zone.
OBV (On Balance Volume)
There is a rise in OBV. It indicates that the volume on the Up days is higher than on the Down days.
Momentum
Chainlink has a bullish momentum. The MACD line is above the MACD Signal Line, while the RSI is beyond 55.
Resistance and support
The nearest Resistance Zone is around $10.00 to 11, then $15.00, while the nearest Support Zone is about $7.00, then $5.00.
How much is the worth of Chainlink?
It may be challenging to determine the exact value of Chainlink. However, it is expected to improve its position in the future. It will not be limited to the $50 price level, but it can also go beyond the $100 mark.
The ATH (all-time high) of Chainlink of around $52.70. With the continuous upgrades and developments in the LINK platform, there is a high chance of attaining its ATH soon.
You can buy Chainlink on various crypto exchanges such as Coinbase Exchange, Binance, FTX, KuCoin, OKX, and Z.B.COM. It is not too late to buy the crypto asset. In this analysis of Chainlink, you can see that the market is volatile. However, it doesn’t mean that the asset will remain on its downward movement. You only need to wait for the best time to trade.
Should you invest in Chainlink this 2022?
If you wonder whether Chainlink is a good investment or not for you, the answer is yes. It can be a good investment in the long term and short term. Some experts believe that Chainlink will rise in the future and will remain strong in the next few years.
If the market is not on good terms, you should learn to be patient to get the most out of your trades. Generally, there is a bearish movement in the Chainlink market this September. Luckily, you don’t need to lose hope because the price of the crypto asset has a high potential to increase in the coming days.
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