After finally climbing past the $20 mark, Chainlink price failed to continue its bullish rally and the price has dropped to just below $19.15.While the price at press time holds just below $19.15 the bearish pressure is steadily on the rise and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. The major players that recorded a loss include Bitcoin, and BNB that record a 2.29 and a 1.03 percent decrease respectively .However, some currencies recorded a profit across the same time frame e.g. Ethereum and Ripple record a 1.83 and a 3.15percent increase.
Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator saw a bearish reversal 2 days ago, since then bearish pressure is increasing steadily and the indicator is currently just below the 0.45 mark. Across the EMAs, the 26-EMAis trading above the 12-EMA and continues diverging while both EMAs fall.
The RSI is currently trading in the neutral zone a little above the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for over 4 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level and giving a clear indication to sell.
The Bollinger bands are currently narrow and will converge further in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Chainlink price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks
Overall the 4-hour technical analysis issues a weak buy signal with 9 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only seven indicators issue sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 10 of the 26 indicators suggesting a bullish movement against only eight indicators suggest a bearish retracement. Meanwhile, eight indicators remain neutral and do not issue any signals at the time of writing
Traders should expect Chainlink price to continue to fall towards its support level of $18.8 or even beyond that to $17 considering the bearish nature of the market today.The short term and midterm indicators also compliment this and describe an increasing bearish trend for the Chainlink price.However traders can expect a bullish rally as soon as it hits its support level which might help it to challenge the $20 mark again.
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