- Chainlink price analysis is bearish for the day.
- Support of $23 is already under test.
- Strong resistance is found at $28.
The Chainlink price analysis reveals market is in a bearish trend today as well. The LINK price breakout was again on a downtrend today. The bearish momentum does not seem to be getting low any time soon. Right now price is present at $22.5 after getting rejected from $29 yesterday, the coin value stooped down to $23.5, which is quite a significant decrease for one day.
Chainlink price action followed the broader bearish market trend, and despite losing a value of 12 percent over the last 24 hours, still, there seem no chances of recovery; rather, a further decrement in price is expected.
LINK/USD 1-day price chart: Bears to rule
The 1-day price chart for Chainlink price analysis shows a further decline in asset’s value as bears pull the price down, breaking through many different support levels set by the bulls earlier.
Currently, the test of the support of $23 is underway, and it is expected that the support will not last for long. The next support is present at $21.8, followed by another support of $19.
The moving average is present at $27.6. The volatility is increasing for the cryptocurrency with the widening of Bollinger bands. The upper band is present at the $34, and the lower band is present at the $23 mark; the average of Bollinger bands is forming at $28.6. The relative strength index (RSI) is moving in the lower half of the neutral zone at 39 index.
The 4-hour Chainlink price analysis shows no good news for the sellers as the price underwent massive loss today as well. The price seems to be more devalued in the coming future, and the current level of $23 may soon decline.
The Bollinger bands started expanding exponentially from 19th September, which continues till today, and the price is almost near the lower band, indicating a further bearish price trend. The upper Bollinger band is present at the $30.8 mark, and the lower band is present at the $22.4 mark. The relative strength index (RSI) indicator has dwelled down into the undersold zone and is currently at 22 index, on a downward slope.
Technical indicators for Chainlink price analysis suggest selling off the assets as there are minimal chances for the price recovery in the coming days. There are 16 indications for the selling of LINK assets, while only three indications are for the buying and seven technical indicators are neutral, giving no signs out of a total of 26 technical indicators.
The moving averages are also giving sell signals with 13 indications, whereas only one indication is for buying, and one indication remains neutral. The oscillators are mostly neutral, with six oscillators remaining neutral and three oscillators giving sell signals, whereas two oscillators giving buy signals.
The 24 hours and 4-hours based Chainlink price analysis report suggest a further decline in the coin value to be observed, as a bearish trend is in full bloom, and there are no signs of it dissolving any time soon. The present support of $22 seems to be falling soon.
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