Cryptocurrency Trade Recommendation: $LINK .
After a thorough analysis of the performance, technical fundamentals, and momentum of Chainlink's LINK token, I advise a wait-and-watch strategy with a potential opportunity to short sell LINK.
The current price of LINK is $18.164. However, the token has been experiencing noteworthy performance depreciation, with losses of 0.67%, 3.89%, and 14.56% over the last 7, 30, and 365 days respectively. This downward trend aligns with its short, medium, and long-term SMA and EMA trends.
Further, according to the ADX (Average Directional Index), LINK is not only in a downtrend but in a strong one at that, suggesting that this bearish trend could possibly sustain. Yet, itâs not all downhill.
LINK's momentum indicators paint a slightly contrasting picture. RSI (Relative Strength Index), MFI (Money Flow Index), Williams R, and Stochastic RSI all rate LINK as neutral.
Interestingly, the MACD (Moving Average Convergence Divergence) sees LINK as bullish. Nonetheless, the PSAR (Parabolic SAR), another volatility indicator, confirms the prevailing downtrend and implying conditions not conducive for a bullish recovery.
Given these complexities, a rational approach would be to remain hesitant before taking up a long position in LINK. The predominance of a downward trend combined with mixed signals from momentum indicators calls for patience.
However, for trustful short-sellers, this could be an appropriate time to consider betting against LINK, whilst always adhering to rigorous risk management.
In conclusion, despite certain neutral and bullish signals, the extensive bearish trend of LINK leaves room for caution and potential short selling. As always, do ensure to check for updates on market conditions and data before trading.
