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Chainlink price prediction: Can LINK bounce off $6.5?



The Chainlink course was rejected again bearishly at the Fibonacci resistance at around USD 8.3. The LINK price could now fall to USD 6.5.


Chainlink Price Prediction: Is the LINK Price Rising Now?

In the last Chainlink Price Forecast , which was three weeks ago, we wrote: “The Chainlink price returned to support between around USD 5 and around USD 6.25, which Chainlink was able to bounce off. Chainlink is now finding the next significant Fibonacci resistance at around USD 7.5 and USD 8.3.  Without a break of the golden ratio resistance at around USD 8.3, the correction remains intact. If the LINK price cannot bullishly break the golden ratio at around USD 8.3, the LINK price could return to the last low at around USD 5.3 in the medium term. "


The Chainlink course was rejected bearishly at the golden ratio resistance at around USD 8.3

The Chainlink course was rejected bearishly at the golden ratio resistance at around USD 8.3. In addition, the histogram of the MACDs in the daily chart is ticking bearishly lower and the MACD lines are about to cross bearishly. The RSI is neutral.


The LINK price could now correct to the golden ratio support at around USD 6.5, from which LINK could bounce off very strongly.


The golden crossover is intact on the 4H chart


The golden crossover is still intact in the 4H chart, which means that the trend remains bullish in the short term. However, the EMAs are about to cross bearishly to establish a death cross. This would confirm the trend bearish again in the short term.


In addition, the histogram of the MACDs in the 4H chart is ticking bearishly lower and the MACD lines are also crossed bearishly. The RSI is showing neutral, but gradually reaching oversold regions. A strong bounce off the golden ratio support at around USD 6.5 is imminent.


In the medium term, the Chainlink price could correct between USD 5 and USD 6.5


In the weekly chart, the histogram of the MACDs has been bullishly ticking higher for the last three weeks. It starts ticking bearish lower this week. However, the MACD lines are still bullishly crossed and the RSI is neutral.


The Chainlink course is still in a bear trend in the medium term, which is confirmed by the rejections at the Fib resistances. In the medium term, Chainlink could correct between $5 and $6.5, possibly surpassing the recent low at around $5.3.


In the monthly chart, the MACD histogram is ticking bullishly higher for the third month in a row

The monthly chart, on the other hand, signals a bottom formation, as the histogram of the MACD is ticking bullishly higher for the third month in a row. Chainlink may find the final bottom between $5 and $6.5 before a new bull cycle begins.


Otherwise, Chainlink will only find support again between USD 1.36 and USD 1.78.


Against BTC, Chainlink price is at significant Fib resistance

The Chainlink price is at significant resistance against BTC. LINK is currently struggling with the 50-week EMA and the 0.382 Fib level at around 0.0003885 BTC. If a bearish rejection occurs, LINK price will face significant Fib supports around 0.000331 BTC and around 0.00028 BTC.


Otherwise, the MACD is already giving bearish signals, as the histogram has been ticking bearishly lower since last week. The RSI is neutral and the MACD lines remain bullishly crossed.


If Chainlink breaks the current resistance at around 0.0003885 BTC, LINK will encounter the next significant Fibonacci resistance at around 0.0005 BTC.


DISCLAIMER

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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