fxs_header_sponsor_anchor

Chainlink Price Analysis: LINK/USD recovery capped by $7.5

  • Chainlink (LINK) fails to capitalize on the bullish sentiments.
  • The recovery of the coin is limited by the resistance of $7.50.


Chainlink (LINK) topped at $8.89 on July 15 and has been in retreat ever since. The coin attempted a recovery on July 23, following major fundamental announcements, but the bullish momentum failed to gain the ground. At the time of writing, LINK/USD is changing hands at $7.36, having recovered from Monday's low of $6.52. 

Currently, Chainlink is the 12th largest digital asset with the market capitalization of $2.58 billion and an average daily trading volume of $882 million. The coin has gained 1.7% on a day-to-day basis and stayed unchanged since the beginning of the day.

LINK/USD: Technical picture

On the daily chart, LINK/USD slipped under the middle line of the daily Bollinger Band at $7.5. Now this area serves as a local resistance that needs to be taken out before the price can return to $8.10 and the recent recovery high of $8.87 reinforced by the upper line of the daily Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on $9.00.

On the downside, the local support is created by $7.00 followed by the intraday low $6.92.  A sustainable move below this area will increase the downside pressure and push the price to the lower line of the daily Bollinger Band at $6.00 followed by 50-day SMA at $5.72.

LINK/USD daily chart 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.