Chainlink Technical Analysis: LINK/USD begins bullish recovery after three straight bearish days

LINK/USD is going through bullish recovery this Wednesday.
The RSI is trending around 68.18, next to the overbought zone.
MACD still shows decreasing bullish market momentum.

Rajarshi Mitra Independent Analyst

LINK/USD daily chart

LINK/USD encountered heavy resistance at the $19.10 resistance line and had three consecutive bearish days. It looks like the buyers have decided to step up this Wednesday to initiate a price recovery. So far, LINK/USD has gone up slightly from $16.23 to $16.53. The moving average convergence/divergence (MACD) shows decreasing bullish momentum, while the relative strength index (RSI) is trending next to the overbought zone.

LINK/USD has intense resistance levels at $19.10 and $17.25. On the downside, we have three healthy support levels at $13.90, $13.30 and $12.95.

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

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