The ChainLink price is trading at $9.87 (-2.79%) on September 30, 2020. It seems that LINK price is at risk of falling below $9. It appears that LINK bulls have drained their energy in the last wave to $20 and are now having a difficult time coming back. Where is LINK price headed now? Let’s take a look at it in more detail.
ChainLink Price Analysis: LINK Price Daily Chart
On the daily price chart, Chainlink price has formed a downtrend and developed a symmetrical triangle that is confined to a bearish breakout. Bulls have been refused from the 50-MA numerous times in a row. The RSI remains to be bearish and it’s not yet overextended. The lower trendline is currently right below $9.3 and then bulls could only have 1 important support level at $8.9.
Now, if Chainlink price touches this critical support level, then it may drop towards $7.2, the next important support level before even touching the 200-MA. Now, if we observe the daily Parabolic SAR, then we will find that the dots have formed between the $7.26 and $7.42 price range.
So, right now, the SAR dots are far from the current Chainlink price in the daily chart, which could indicate that the LINK/USD price may not decrease in the next few days. This could be the only positive thing.
ChainLink Price Analysis: LINK Price 4-Hour Chart
Now, if we observe the 4-hour chart then Chainlink Price could be forming a lower lows establishing a downtrend. The LINK/USD is currently below all 3 MAs and the RSI is close to overextension.
Now, as per the Parabolic SAR 4-hr chart, the SAR dots are not far from the current Chainlink price in the daily chart, which could indicate that the LINK/USD price may not display the strong growth in the next 2 days. The short-term support could be at $9.6 and then $10 as the psychological level. There is strong resistance at $11.3. If this level breaks, bulls would be quite happy as an uptrend would be possible with another higher low.
ChainLink Price Analysis: LINK Price Weekly Chart
While the daily and 4-hr price charts look quite dull for LINK price, the weekly chart seems a little bit better. The weekly could still be in favor of the bulls and LINK/USD price could be in an uptrend here. The SAR dots are too far from the current Chainlink price in the weekly chart, which could mean that the Chainlink price may display some growth in the next 7-8 days.