- Chainlink’s price has dropped 5.91% over the last 24 hours.
- Daily chart technical indicators are still bullish for LINK.
- LINK will look to target the next resistance at $9.410 next.
The price of Chainlink (LINK) has fallen 5.91% over the last 24 hours, according to the crypto market tracking website, CoinMarketCap. This has taken its price down to $8.14 at press time.
While compared to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), the price of LINK has weakened. At press time, LINK price incurred a loss of 4.23% against BTC and 3.22% against ETH.
The daily trading volume for LINK also dropped over the last day by 4.12%, taking the total daily trading volume for LINK to $484,340,590.
Looking at LINK’s daily chart, it seems that this retracement may be a brief pause before another leg up.
LINK’s price has pulled back slightly after setting a local top at $9.008 to trade at its current level. However, two technical indicators suggest that this retracement may be temporary and that LINK’s price would look to target the next resistance at $9.410.
The first technical indicator that is bullish for LINK is the daily 9 EMA line. Currently, it is positioned bullishly above the longer 20-EMA line. In addition, the 9 EMA line is sloped positively and is attempting to break away from the 20-EMA line.
The next indicator is the daily Relative Strength Index (RSI) line which is positioned above the daily RSI Standard Moving Average (SMA) line. The RSI line is also sloped positively towards the overbought territory.
All of these bullish technical flags suggest that LINK’s price is expected to enter into a bullish move in the coming days.
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