The Chainlink price is in an ongoing bull trend! Can Chainlink sustain the massive upward trend?
A recently released document suggests Chainlink could be a scam. Regardless, from a technical point of view, a sharp drop in price for Chainlink might soon follow.
Chainlink price prediction – the bearish price pattern of the rising wedge!
The Chainlink price is in a rising wedge, a bearish price pattern that could soon break out bearishly. With the RSI in overbought regions, a correction could follow soon. The next resistance for the Chainlink price is around $11.5 on the upper trend line of the rising wedge.
The MACD is currently giving bullish signals, but this upward trend should be treated with caution. After all, the trading volume is already falling strongly.
Chainlink price prediction – Bearish divergence in the RSI soon?
Additionally, a bearish divergence in the RSI could be on its way. Not to mention, the MACD’s histogram is already falling bearishly, and the largest trading volume in recent times is due to sell orders.
If the Chainlink price were to initiate a correction, it could find support around $5.8 at the 0.382 Fib level and at the golden ratio around $4.15.
Chainlink price prediction – RSI in overbought regions!
Even on the monthly time frame, the RSI is already in overbought regions. The Chainlink price could theoretically continue rising to the resistance around $11.5, but a correction is long overdue. Accordingly, it may be advisable to take a critical look at the upward trend and possibly wait for cheaper entry points.
Chainlink price forecast – Price correction target!
The RSI is also in overbought regions against Bitcoin. Although the Chainlink price was able to break the trend line of the upward channel, a correction could soon follow here as well. The correction targets are currently around 0.00074 BTC (0.382 Fib level) and around 0.000598 BTC (Golden Ratio).