Resistance

Chainlink

<ul class="list-ic vertical">
 <li><span>1</span> <a>LINK token price has slipped below the 50-Day EMA and is showing retracement.</a></li>
 <li><span>2</span> <a>Buyers are losing their momentum and are looking trapped.</a></li>
</ul>
<p>The ChainLink token (LINK) price shows profit booking and has retested the 100-Day EMA mark in the last few trading sessions. Moreover, the token witnessed a trend reversal and is heading toward the support region of $15. Additionally, the bears are pushing the token aggressively and are willing to retest the 200-Day EMA mark soon.</p>
<p>At press time, the <a href="https://www.thecoinrepublic.com/2024/03/15/chainlink-ccip-revenue-rose-to-180-crypto-experts-share-views/" target="_blank" rel="noopener noreferrer nofollow">Chainlink</a> token (LINK) price was trading at $18.19 with an intraday gain of 0.21%, reflecting neutrality on the charts. It has a monthly return ratio of 5.45% and 153.20% on a yearly basis. The pair of LINK/BTC is at 0.0000278 BTC, and the market cap is $10.50 Billion. Analysts are neutral and suggest the LINK token may continue to extend the retracement move and retest $15 soon.</p>
<h2 class="wp-block-heading" id="strong-chainlink-price-to-volume-profile-revealing-bear-dominance-strong"><strong>ChainLink Price To Volume Profile Revealing Bear Dominance</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (LINK), Volume (LINK), RSI 1d (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=chainlink&amp;pt=LINK&amp;df=2023-12-25T00%3A00%3A00.000Z&amp;dt=2024-03-21T18%3A29%3A59.477Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd%3Brsi_1d&amp;wax=0%3B1%3B2&amp;wc=%2326C953%3B%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22__appliedInterval%22%3Atrue%7D" scrolling="no"></iframe>
<p>The price chart reflects a trend reversal and selling pressure persisted in the last sessions. Additionally, the token has breached the neckline support zone of $19 and is intending to retrace toward the $15 mark. Furthermore, the trading volume goes below average replicating low investor interest. Likewise, the relative strength index (RSI) curve stayed below the midline signifies a negative trend on the charts.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-sentiment-outlook-strong"><strong>Price Volatility and Sentiment Outlook</strong></h3> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (LINK), Weighted sentiment (Total) (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=chainlink&amp;pt=LINK&amp;df=2023-12-25T00%3A00%3A00.000Z&amp;dt=2024-03-21T18%3A29%3A59.477Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>The above data shows that the token depicts lower low swings with average fluctuations resulting in the nominal volatility displayed on the charts. The volatility curve stands near the mark of 0.026. Additionally, the weighted sentiment looks negative and the curve staying below the midline signifies an adverse outlook.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-development-activity-looks-neutral-strong"><strong>Social Dominance and Development Activity Looks Neutral</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (LINK), Twitter Followers 7d (LINK), Development Activity (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=chainlink&amp;pt=LINK&amp;df=2023-12-25T00%3A00%3A00.000Z&amp;dt=2024-03-21T18%3A29%3A59.477Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Btwitter_followers_7d%3Bdev_activity&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D" scrolling="no"></iframe>
<p>Per the Santiment data, the social dominance value remained average and the value stands near the 0.545% mark, whereas X followers data noted a decline and slipped to 370. However, the development activity kept rising and the value surged to 84.36 resembling the positive outlook.</p>
<h4 class="wp-block-heading"><strong>What Does Open Interest and Deposit Transaction Indicate?</strong></h4> <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (LINK), Total Amount Of Holders (LINK), Deposit Transactions (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=chainlink&amp;pt=LINK&amp;df=2023-12-25T00%3A00%3A00.000Z&amp;dt=2024-03-21T18%3A29%3A59.477Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bholders_distribution_total%3Bdeposit_transactions&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%3B%3B" scrolling="no"></iframe>
<p>The derivative data shows that the investors are unwinding their long positions and the open interest noted a drop of over 1.81% to $393.14 million. However, the total amount of holders’ value remained constant at 723k, whereas the deposit transaction activity noted a decline over 12% to 87.</p>
<p>Per the Fib levels, the token has slipped below the 38.2% zone and is looking bearish on the charts. The total supply of the LINK token is 1 billion and the volume to market cap ratio is 0.0459. The MACD indicator shows a bearish crossover and suggests underperformance for the next sessions.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The ChainLink token price signifies selling pressure and has retraced to the 50-Day EMA mark delivering the lower low swings. The trend is negative and the token may face further selloff in the upcoming sessions.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $17.50 and $17</p>
<p><strong>Resistance Levels:</strong> $19 and $20</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

ChainLink Persists in Dragging Gains, Will LINK Retest $15 Mark?

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Thecoinrepublic.com

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