Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.

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Alright, let's get straight into the discussion, happy reading!!

Chainlink (LINK) Analysis

Today, January 29, 2024, I will try to analyze the price movement of Chainlink technically.

SOURCE: TradingView

If we look at the price movement of LINK in general, we can find that LINK is in a very deep bearish phase. We can see this in the LINK price movement pattern in the chart above where the candlestick tends to move downwards if we look closely.

SOURCE: TradingView

This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.

SOURCE: TradingView

Further confirmation was also given by the ADX indicator with the presence of a cross between the two DI lines where the DI- the line moved above the DI+ line.

SOURCE: TradingView

The RSI indicator shows the opposite where the RSI line is starting to move away from the Upper Band, which signals that the overbought phase is over and the market has the passion to sell LINK again.

Disclaimer: