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ChainLink may continue to experience a downward trend
ChainLink Price Analysis – August 30
An interruption of the sellers at $5.88 level may reverse the price towards $6.78, $7.56 and $8.21 levels. ChainLink is facing the $5.88 psychological support level and may break it down to target the potential support levels at $5.28, and $4.63.
LINK/USD Market
Key Levels:
Resistance levels: $6.78, $7.56, $8.21
Support levels: $5.88, $5.28, $4.63
LINK/USD Long-term Trend: Bearish
Chainlink is bearish in the daily time frame. Chainlink has been under the control of sellers, it is soaring lower every day since August 13. When the price reached the resistance level of $9.50, it has not enough momentum from the bulls to penetrate the just mentioned level upside. Sellers gained enough momentum and the price commences a downward movement towards $6.7 level, it pulled back. The price is heading towards $5.88 price level.
The coin is trading below the two EMAs. ChainLink is already in the hands of the bears as the technical indicator Relative Strength Index period 14 supports the bearish action with its signal line pointing downward at 37 levels. An interruption of the sellers at $5.88 level may reverse the price towards $6.78, $7.56 and $8.21 levels. Price is facing the $5.88 psychological support level and may break it down to target the potential support levels at $5.28, and $4.63.
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LINK/USD Medium-term Trend: Bearish
Chainlink is bearish on the 4-hour chart. The increase in price was rejected at the resistance level of $9.4. The price was seen to be moving below the 9 periods EMA and 21 periods EMA as a sign of an increase in bearish momentum. The price breaks down the support level at $7.56, then, the market continues to experience downward trend towards $5.8 level.
In case the Chainlink price could cross below the $5.8 level, the coin may likely move towards the support at $5.28. The indicator Relative Strength Index periods 14 confirms that the market is moving down as the signal line point downside at $41 level.
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