- LINK met strong resistance at $27.6 as per Chainlink price analysis.
- LINK price has been reduced to $26.3.
- The nearest support for LINK/USD is present at $26.1.
The Chainlink price analysis shows a decline in price. Bears have taken control over the price function of LINK/USD amid a successful bullish momentum and have brought the price down to $26.3 from $28 at the time of writing. Despite the reduction in price, the support of $26.1 is strong enough, and more downside seems difficult but not out of the question.
The LINK/USD lost a value of two percent during the last 24 hours but still is on the gains of nearly seven percent over the last seven days. The trading volume is down today by more than 10 percent as well.
LINK/USD 1-day price chart: Price drops steeply as market show negative sentiment
The 1-day price chart for Chainlink price analysis shows bearish momentum as the price has reduced significantly today. The LINK/USD pair observed an upwards price trend during the last week, but today bears have dodged the bullish momentum and are defining the price function as selling pressure comes in.
The volatility is slowly decreasing, but still comparatively high as can be noted from the Bollinger bands slow convergence from the 1-day chart, the upper band is at the $30.5 mark, and the lower band is at the $20.5 mark, the mean average of the indicator is forming bellow the price level at the $25.5 mark. The indicator shows more room for downwards price movement as compared to upwards price movement.
The relative strength index (RSI) was present in the upper half of the neutral zone from 1st October, but today it has taken a little sharp downwards curve, which indicates the selling pressure present in the market for LINK/USD. The RSI suggests a further decline in price in the coming hours, despite the fact that the RSI is still neutral.
The MACD is showing bullish signs, as the color of the histogram is darg green, as MACD is based on historical data and lags in showing the trend; therefore, it is still bullish due to the bullish trend of the past few days, when price recovered significantly. The last bullish crossover was observed on 2nd October.
The 4-hours chart for Chainlink price analysis shows a steep decline in price at the start of today’s session, as the price is coming down continuously, but the technical indications are there for support being strong below the current price level.
The volatility is decreasing in the 4-hour chart, as is evident from the converging Bollinger bands; the upper band is present at the $28.4 mark, and the lower band is present at the $24.5 mark. The average of the Bollinger bands has moved above the price level and is present at the $26 mark; though it shows further room for downwards price movement, the RSI is taking a horizontal shape, which suggests competition from the bullish side during the current hours.
Further looking into the Chainlink price analysis, the moving average (MA) has also traveled above the price level and is found at the $27 mark, which is a further indication of a bearish crossover. The short-term MA10 and MA20 still support the bullish side; in contrast, the MA30 supports the bearish side and favors the selling of LINK assets. The exponential moving averages EMA10, EMA20, and EMA30 all support the bullish side and favors buying of the LINK assets.
The oscillator indicators are mostly neutral, but the Momentum and the MACD support the buying decisions, whereas the Stochastic RSI Fast favors the selling decision.
The Chainlink price analysis suggests the support of $26.3 is still strong to provide some cushion to the price movement, but LINK/USD has to find more bullish support to break through the present bearish grip. As the overall trend for the LINK/USD pair has been bullish for the past few days, it can be expected that the LINK price will maintain above $25.8.
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