- Chainlink price analysis confirms LINK/USD downtrend.
- Support is present at $24.9 for Chainlink.
- Next, resistance is found at $27.6.
The Chainlink price analysis shows the Bears are maintaining their momentum, as today again, a decrease in price has been observed. The price breakup was upwards at the start of today’s session, but soon bears regained their control over the price function and reversed the recovery process initiated by bulls. The LINK/USD pair is trading hands at $26.5 at the time of writing after getting rejected from $27.5 previously.
LINK/USD 1-day price chart: Price goes down as bears stretch arm further
The 1-day price analysis for Chainlink price analysis predicts a loss in LINK/USD pair price. The bears are strengthening their position as they control the price function and back-pedal the bullish gains of the last week. The LINK/USD price is on the decline from yesterday and is present at $26.5 as of now.
The volatility is decreasing as the Bollinger bands show convergence with the upper band at the $29.7 mark and the lower band at the $20.8 mark, with the mean line taking place at the $25.33 mark, still below the price level. If observed closely, the upper band of the indicator shows more downslope as compared to the lower band’s upwards slope; this indicates, selling pressure is superseding any buying activity.
The relative strength index (RSI) is neutral but shows a straight horizontal movement due to oscillation of price around $26 with small deviations around the figure. The indicator shows equal room for the price movement in either direction.
The MACD oscillator indicator is currently bullish as the color of the histogram is still dark green. However, the LINK/USD pair price has declined over the last 36 hours, which is why the size of the bars of the histogram hasn’t changed; a contributing factor to this is the minimal price movement today.
The 4-hour price chart for Chainlink price analysis shows the price is oscillating around a base of $26.5, as selling pressure exists above the current price level, and yet bulls haven’t gathered the strength to break through this resistance, and buyers support is also present below this level.
The Bollinger bands converged steeply yesterday, indicating a sharp decrease in volatility, which is another reason for less price movement, and now has taken the shape of a narrow channel, the average mean line of the Bollinger bands has moved above the price level on the 4-hour chart. The indicator shows a bearish outlook on the hourly chart but the RSI is still neutral and is present at 52 index.
The moving average (MA) is again traveling down towards the price level during the current hours and is just above the price level, but the MA is giving signs of a bullish crossover in the coming hours if the price does not fall steeply. The short-term MA10 and MA20 also support the bullish side along with the exponential moving averages EMA10 and EMA20. In contrast, the MA30 favors the bearish side and indicates a selling sign.
The oscillators also favor the bearish side with two oscillators showing selling signs for LINK/USD assets, including the Momentum oscillator, and only the MACD oscillator favors the bullish side, while all other oscillators remain neutral.
The Chainlink price analysis suggests the price will continue to wigwag around the current price level of $26.5 as the technical indications advised a narrow channel for the price movement. Traders should not expect a breakthrough in the coming hours on either side of the current price level; thus, no significant profits but no huge losses can be expected from LINK/USD for the next 24 hours.
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