- The short and medium-term outlook is in the bearish trend.
- Traders may look to take sell positions at pullback areas.
LINK/USD Medium-term Trend: Bearish
Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.50, $2.00, $1.50
CHAINLINK is in a downtrend in the medium-term outlook. The bears’ brief pressure during yesterday session pushed price up to $3.60 in the supply area before to lost to the bears. $3.220 in the demand are was yesterday low. The bears remained in control as the market open today at $3.35. With increased momentum, the cryptocurrency dropped to $2.92 in the demand area.
Price is down to $4.68 below the two EMAs as the bears continue the ride down south in the medium,-term.
The signal of the stochastic oscillator points up at 19% in the oversold region. These suggest a downward momentum in price of the cryptocurrency.
$2.50 in the demand area is on the card as more sellers take positions in the market.
LINK/USD Short-term Trend: Bearish
The short-term outlook of the cryptocurrency remains in a downtrend. Although the market opened on a bullish note at $3.28 as price rose to $3.35 in the supply area. The bulls lack the pressure to push the coin as the bears took control of the market.
$2.95 in the demand area was the low before minor bullish movement. This should be seen as a correction and confirmation of bearish continuation.
As long as price is below the 50-EMA and the stochastic oscillator point down the bears will sustain the movement down south with $4.68 in the demand area as a target.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.