Chainlink (LINK) – Incapable to shake off the bearish tone

Chainlink (LINK) – Incapable to shake off the bearish tone

Chainlink (LINK) is still incapable to shake off the bearish tone which has been grasping the price action, which remains below the Ichimoku cloud since mid-November.

The Ichimoku lines are broadcasting a negative bearing regardless of the recent stalling in the Tenkan-sen line. Likewise, momentum oscillators have still not signaled any significant waning in bearish momentum. The MACD, although experiencing a minor slowdown, is still holding below its signal and zero lines, and the ROC is struggling to improve in the negative territory.

Retaining this current bearish course, the bears may push for a fresh revisit of the 15.32 – 13.38 region formed by the December 4^th and July 20^th lows. Cracking this floor, they may initially target the 161.8% Fibonacci extension level of the last up-leg at 10.58.

However, if buyers manage to yield some traction off the aforementioned support, they will need to overstep the Tenkan-sen line seen around 20.40 which has been curbing upside attempts since November. Next, mustering more intense buying interest would be needed to conquer the December 8^th inside swing high at 23.20. If that’s the case, the rally could see further extensions towards the cloud’s upper surface around 26.80 and the 30.00 psychological round number.