- Price breakup was downwards today as per Chainlink price analysis.
- Strong resistance is found at $27.3.
- LINK/USD finds support at $25.3.
The Chainlink price analysis shows bearish signs today. A small decrease in price has been observed as the price breakup was downwards at the start of the session. The LINK/USD showed promising gains yesterday when the price spiked from $23.9 to $26.4, forming a short-term upwards price trend line. The spike helped LINK/USD pair to regain more than half of the losses of the 20th September flash crash.
After three days of upwards price movement, today LINK/USD is correcting, as selling pressure exists in the market. The LINK/USD pair is trading hands at $26 at the time of writing. The price movement of LINK/USD is following the broader crypto market, defined by the leader of cryptocurrencies Bitcoin, as Ethereum and most of the top altcoins are all showing signs of correction after yesterday’s bullish market.
LINK/USD 1-day price chart: Price drops as bears stop further advancement
The 1-day price chart for Chainlink price analysis shows price drop as selling pressure triggers from the traders. After a significant improvement in LINK/USD pair price, correction is happening, as traders want to book profits before a further bulls rally.
The volatility is comparatively high for the LINK/USD pair, as the Bollinger bands indicator suggests. The upper band is present at the $31 mark, and the lower band is present at the $20 mark; the mean average line of the Bollinger bands is still below the price level at the $25.6 mark.
The relative strength index (RSI) is at the center of the neutral zone on a very slight downslope indicating the selling activity taking place in the market. The RSI indicator shows a reading of 50 index.
The MACD oscillator indicator shows a bullish crossover as the first green bar appeared on the histogram today. The dark color of the histogram suggests strong bullish momentum, as, despite the price following a downwards trend, the overall cryptocurrency’s trend is bullish in nature.
The 4-hour price chart for Chainlink price analysis shows bullish efforts in the last four hours. LINK bulls seem to be gaining strength again as a rise in price has been observed in the recent hours as selling pressure is decreasing.
The volatility is decreasing on the 4-hour chart as Bollinger bands show convergence, with the upper band at the $26 mark and the lower band at the $21 mark, forming the average at the $24 mark. The indicator also shows an upwards breakout, so a bullish rally again in the coming hours is also not out of the question.
During the recent hours, the relative strength index has also moved to the upper half of the neutral zone and is present near the oversold zone at 62 index; this is a clear indication of decreasing selling pressure and the entrance of buyers into the market in the current hours.
The moving average (MA) is found below the price level on the 4-hour chart, and the short-term moving averages MA10 and MA20 favor the bullish side, whereas the MA30 favors the bearish side. The exponential moving averages EMA10, EMA20 and EMA30, all favor the bullish side. Across the oscillator indicators, most of them remain neutral, except MACD favoring the bullish side and the only oscillator of Momentum favors the bearish side, which is of utmost importance according to today’s price function.
The 4-hour and 24-hour Chainlink price analysis reveals a bearish market as of now, but the overall trend for the LINK/USD is bullish, as is suggested by most of the technical indications. We expect the correction to continue for the coming hours, and the price of LINK/USD may go down to $25.5. The correction taking place right now is natural at this time.
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