Will Chainlink Reverse its Downward Trend?
Chainlink has been having a no-good week. Its price has tumbled from $2.94 on November 18th to $2.15 where it is trading currently. This is close to 26% price decrease over the span of a week. Chainlink is currently at a monthly low in its fiat valuation although its Bitcoin valuation hasn't changed much.
This is something that could indicate that If Bitcoin will rise, so will Chainlink.
A LINK/USD Weekly Review
The price is testing 0.5 Fibonacci and EMA 200 on 1D chart so we all are waiting for buying zone to be confirmed. This is a very good positive correctional sign. RSI positive crossover is strongly needed on 1W chart for market to become bullish again. This seems to indicate that as with Bitcoin, Chainlink appears to be in an accumulation zone and might encounter a strong bullish movement.
MACD on 1W chart is for stronger confirmation so needs to turn green again. Commodity Channel Index will show us when correction will be over. So, wait for an indicator to cross above zero
Trade with care Linkies!
* A special thanks to Senin for his Technical Analysis
Written by Jonathan Ganor
Writer & cryptocurrency aficionado