Chainlink (LINK) – Expected to keep attracting selling interest in the near-futurePosted on Thursday, May 19 2022 at 9:14 pm GMT+0000
Chainlink (LINK) saw its last bullish efforts evaporate in the vicinity of the 10-exponential moving average, which managed to prevent any close higher ever since early April.
The price painted a sturdy structure of lower highs and lower lows, sponsored by the negatively charged 10- and 40-days exponential moving averages. Moreover, the ADX is rising, while the DI- line is holding well above the DI+ line hinting, that the bears have yet to lose control.
Additionally, the short-term risk is currently viewed as bearish as the ROC is edging lower in the negative region and the KST is falling sharply below its signal and zero lines.
So, for now, sellers’ focus is turned towards the last week’s low at 5.30. A decisive close beneath this floor will confirm additional selling activity likely towards the June 2020 bottom of 3.65.
Otherwise, if buyers manage to make a remarkable comeback and step beyond the 10-day exponential moving average seen around 7.70, they could get congested immediately near the December 2020 inside swing low of 8.72. If positive impetus strengthens further, the rally will accelerate towards the 40-day exponential moving average around 10.60 and the February 24th inside swing low of 11.42.
Overall, Chainlink is expected to keep attracting selling interest in the coming sessions, especially if it dips below the 5.30 low. However, for the coin to gain some positive vibes, the price will need to elevate above the 10-day exponential moving average and more importantly the 8.72 barrier.