- Chainlink price analysis suggests bears are attempting to break the $17.4 support
- Price is fluctuating between $17.6 and $17.36 over the last few hours
- Overall market sentiment is bearish as altcoins remain under pressure
- Next target is $18.5 as per technical indicators
Today, our Chainlink price analysis reveals a bearish trend. But in the bigger picture, the price remains somewhat neutral with LINK/USD still attempting to break the $17.4 support line. However, at this point, there is high resistance to overcome.
The market today shows a bearish sentiment, with Bitcoin having lost 2 percent and a decrease of 4.59 percent in Ethereum. Most altcoins have the same sentiment today. Since the market is slightly bearish, it might be a suitable time to invest for short-term gains.
As for Chainlink price analysis, the price is fluctuating between $18.09 and $17.4 in the last 24 hours. Considering the recent trends, this indicates a good amount of volatility.
The current trading volume is set at around $442,472,022 with a market cap dominance of 0.54 percent. Furthermore, due to a market cap of $7,613,707,346, Chainlink currently ranks in 15th place.
Overall, the sentiment has been quite bearish in the last 6 to 7 hours today. However, the RSI curve shows a steep increase in the slope according to Chainlink price analysis. Along with that, in the current hour, the market seems to be going through a short bullish bout as per Chainlink price analysis.
Could this be the start of a bull run? Well, that is quite possible. However, the market seems quite indecisive today. As the 1-hour chart shows, the price is fluctuating around the $17.4 support mark.
This is the sweet spot for most investors and sellers, resulting in a tug of war. There is a good indication that the resistance momentum is slowly fading out, which could allow the bulls to take over causing the price to hike.
LINK/USD 4-hour chart – Another downtrend incoming?
Overall, there is a moderate level of bearish sentiment, especially in the last few hours where the price has dropped from $17.75 to $17.37 level. While the drop is not a sharp one, the next few hours will be critical in determining the overall nature of the market today.
At the same time, the RSI in our 4-hour chart shows a very slightly decreasing slope. Chainlink price analysis suggests that this might not be a cause of concern for now. For the most part, the gradient is near 0 which suggests that the market is fluctuating around the support. However, since the support level is set below 40, we could stay that Chainlink is slightly undervalued today.
It currently seems unlikely that LINK/USD will retrace to the recent high of $18.58 in the next few days. It is more likely to continue fluctuating around the $17.4 support mark until a new support line is established at $17.60 or above.
From the high of $21.06, Chainlink has certainly come down a long way. It will be a while before LINK/USD retraces. As of now, the next target for Chainlink is yesterday’s high of $18.58 with support set at $18.00 level.