Chainlink Price Analysis: TD Sequential Presents Sell Signal as Bears Gain Control

Key Insights:

• Chainlink experiences bearish market sentiment and hits a target price of $7.60, with the potential for further drops.
• The bears are in control, with resistance at $7.95 and support at $7.49.
• Technical indicators suggest caution for investors as selling pressure may increase.

Chainlink’s daily chart showed a sell signal on TD Sequential, suggesting a potential correction. Failure to close above $8.80 could lead to a drop to $8.10. To maintain its upward trend, Chainlink must surpass the resistance at $8.80 and reverse the bearish pattern.

LINK/USD 1-day chart, Source: Ali_charts

TD Sequential detected a sell signal on the daily chart of $LINK, achieving the $7.60 target price. Investors should monitor their holdings as Chainlink’s price movement is uncertain. The market awaits to see whether the sell signal will cause a further decline or a rebound.

LINK/USD 1-day chart, Source: Ali_charts

Chainlink Price Analysis

The analysis of Chainlink’s price indicates a bearish outlook, as the value of LINK has reached the target price of $7.60 and subsequently fallen below it due to the detection of a sell signal on the TD Sequential. The downward trend has been attributed to the growing dominance of bears, resulting in a decline of the LINK/USD price from $8.80 to its current level.

LINK/USD daily chart, Source: CoinMarket Cap

The current trading price of LINK/USD is positioned between the support level of $7.49 and the resistance level of $7.95, with the bulls requiring a break above the resistance level to regain control and initiate an upward trend.

Investors and traders should exercise caution due to the ongoing dominance of the bears, which could cause further depreciation in the LINK/USD valuation. It is worth noting that Chainlink has breached its lower target price of $7.60 on TD Sequential, signifying an increase in selling pressure if the bears maintain their hold on the market.

On the daily chart, Chainlink demonstrates a downward trading pattern, with LINK/USD experiencing a 4.56% decrease in the past 24 hours, dropping from its intraday high of $7.95 to a current price of $7.47. The market cap has also declined to $3,860,009,215, and the 24-hour trading volume stands at $382,919,745, indicating a bearish market sentiment.

Technical indicators on the daily chart reveal a bearish trend, with the 50-day moving average crossing over the 200-day moving average. Therefore, waiting for a bullish reversal before entering a long position is advisable. The MACD is also in the negative territory, with its histogram displaying red bars, signaling a potential downside potential for LINK/USD.

LINK/USD 1-day chart, Source: TradingView

Moreover, the Relative Strength Index (RSI) has fallen below 50, indicating a possible bearish trend in the oversold region. The RSI value currently stands at 48.33, adding to the bearish outlook.

Conclusion

To summarize, Chainlink’s value exceeded its projected target of $7.60 after TD Sequential detected a sell signal on the daily chart of LINK/USD. The current trading price for Chainlink is $7.46, and the bears are gaining the upper hand, as shown by the technical indicators on the daily chart. It is recommended that investors remain cautious, as there is a likelihood of further downside potential if the bears continue to control the market and drive the price downwards.

The post Chainlink Price Analysis: TD Sequential Presents Sell Signal as Bears Gain Control first appeared on CryptocyNews.com.

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