Chainlink may continue to experience a downward trend
Chainlink Price Analysis – August 18
Chainlink is facing the $7.56 psychological support level and may break it down to target the potential support levels at $6.78, and $5.88. An interruption of the bears at $7.56 level may reverse the price towards $8.21, $8.83 and $9.50 levels
LINK/USD Market
Key Levels:
Resistance levels: $8.21, $8.83, $9.50
Support levels: $7.56, $6.78, $5.88
LINK/USD Long-term Trend: Bearish
Chainlink is bearish in the daily time frame. Chainlink has been soaring higher every day since July 18. Untill the price reached the resistance level of $9.50, it has seen a large percentage of gains through its increase against the dollar. The coin found resistance at $9.50, the level holds the price. Bears gain more pressure as bearish candles were produced. Price decline to break down the former support levels of $6.78 and $7.56.
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 50 levels. Sellers are facing the $7.56 psychological support level and may break it down to target the potential support levels at $6.78, and $5.88. An interruption of the bears at $7.56 level may reverse the price towards $8.21, $8.83 and $9.50 levels.
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LINK/USD Medium-term Trend: Bearish, Tamadoge Increases
Chainlink is bearish on the 4-hour chart. The increase in price was rejected at the resistance level $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. Meanwhile, if the price breaks down the support level at $7.56, then, the market may continue to experience downward trend.
In case of Chainlink price could cross below the $7.56 level, the coin may likely move towards the support at $6.78. The indicator RSI periods 14 confirms that the market is moving down as a sign of sell signal.
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