ChainLink Price Analysis: LINK/USD bears take price back inside the Bollinger Band

LINK/USD bears stepped in after two bullish days.
The RSI indicator is still trending inside the overbought zone, hinting at more price correction.

Rajarshi Mitra Independent Analyst

LINK/USD daily chart

LINK/USD went down from $8.675 to $8.43 this Thursday. The price is now trending inside the 20-day Bollinger Band. The RSI indicator is still trending inside the overbought zone at 78.78, hinting at more price correction. The MACD shows increasing bullish momentum while the price in trending in an upwards channel formation.

Support and Resistance

LINK/USD has resistance at $8.675. On the downside, healthy support exists at $7.37, $6.50, $5.90 (SMA 20) and $4.92 (SMA 50).

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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LINK/USD daily chart

Support and Resistance

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