Today we will take a closer look at Chainlink. After things have been going downhill for the last few weeks, is there now hope for a trend reversal? Which zones are crucial now?
Chainlink has been hit hard over the past few weeks. After being around USD 40.00 in mid-December, we are currently at around USD 16.30. So we had to record significant price setbacks.
We are currently in a consolidation phase on the smaller timeframes. The course oscillates between 15 - 18 USD without any real swings. Trading volume continues to decline.
The $15 area represents strong support and served as monthly support for us the month before. We have not yet managed to break through the 4H-EMA ribbons as support and also serve as resistance.
On the daily chart we see a much clearer picture. Here we have broken through the month-long uptrend (blue) and even confirmed it as resistance. Of course, that was also due to the Bitcoin dump.
Therefore, we must not be too bearish about this breakthrough for now. At the same time, a double bottom pattern could form. However, it is still too early for this, as we have not yet formed the second floor.
The RSI on the daily chart is also near the oversold territory and would suggest further bottoming. The volume has also decreased radically.
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