Is Chainlink Price Level on the Roadmap For Recovery?
The technical chart of Chainlink forms a descending triangle pattern over the levels after the crypto asset reached a critical resistance zone around $16.00. Thereafter, the price levels faced sharp negative divergence from which the bounce-back was provided at 0.786fib level. Chainlink is currently facing major resistance which is placed at 0.382fib level ($14.20) and looking to build stability above 0.786fib level.
The moving average convergence & divergence (MACD) had a bullish crossover which is backing the current positive move but looking vulnerable for another bearish crossover at the same time.
The relative strength index (RSI) has formed a rising channel pattern in the levels after touching the oversold region twice while the current level stands at 42.63 and moving positively.
The directional movement index (DMI) is also showcasing positive sentiments as ADX (33.93) moves well-above -DI (26.39). However, ADX is currently showcasing negative nature and needs to avoid it for a longer timeframe.
The overall market conditions have turned positive which can back the current positive move of the digital asset. However, there’s still room for improvement in the technical levels as it looks vulnerable to another negative dip. A positive crossover above $13.00 can provide surety for the retesting of the resistance level.
Resistance level: $14.50 & $14.00
Support level: $12.00 & $11.80
The moving average convergence & divergence (MACD) had a bullish crossover which is backing the current positive move but looking vulnerable for another bearish crossover at the same time.
The relative strength index (RSI) has formed a rising channel pattern in the levels after touching the oversold region twice while the current level stands at 42.63 and moving positively.
The directional movement index (DMI) is also showcasing positive sentiments as ADX (33.93) moves well-above -DI (26.39). However, ADX is currently showcasing negative nature and needs to avoid it for a longer timeframe.
The overall market conditions have turned positive which can back the current positive move of the digital asset. However, there’s still room for improvement in the technical levels as it looks vulnerable to another negative dip. A positive crossover above $13.00 can provide surety for the retesting of the resistance level.
Resistance level: $14.50 & $14.00
Support level: $12.00 & $11.80
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