Market analysis：Chainlink price bulls not active at current levels, leaving LINK vulnerable to a 25% decline. Chainlink price forges descending channel with midline restraining rebounds.A series of 20% declines in April keeps speculators’ fingers off the buy button.iTrustCapital, the #1 Crypto IRA platform, announces that LINK is now available on their platform. Chainlink price is facing the test of overcoming the momentum of the descending channel and the price congestion between $32.70 and $35.75. A downside trajectory will continue to define the LINK charts in the short term. Chainlink price looking down for shelterLINK has been moving at breakneck speed in the cryptocurrency space as the number of projects adopting its oracle grows exponentially. However, the token price has been overwhelmed by the weakness in the broader market, keeping the strong bids on the sidelines. Despite the selling, LINK does have an impressive range of support between $27.99 and $30.88, according to Intotheblock In/Out of the Money Around Price (IOMAP) data. A total of 46.24k addresses bought 66.48 million LINK. The range extends from just below the lower trend line of the channel to the 100 twelve-hour simple moving average (SMA), suggesting that a significant sell-off from current levels may not occur. Contrary to the data point above, the charts illustrate a different picture for LINK. Before stalling at the topside trendline at $40.34 in mid-February, the digital token has swung according to the technicals, and that is not likely to change soon. Note, LINK has crushed support at the 50% retracement of the February decline at $32.68, the 50-day SMA at $31.39, and got within a percent of the 61.8% Fibonacci retracement. The next critical support is the channel’s lower trend line at $28.90. A daily close below the trend line will usher in a test of the rising trend line from the February low at $27.10. More significant losses could follow, including a test of the March 24 low at $23.75 and lastly, the channel’s measured move target at $21.68, representing a loss of 25% from the channel’s lower trend line.
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.