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Chainlink price analysis: Link corrects below $32 as bears define the price function

Chainlink price analysis Link corrects below as bears define the price function

TL;DR Breakdown

  • Chainlink price analysis shows bearish price action today.
  • Support is found at $31.4.
  • Resistance is found at $34.8.

The Chainlink price analysis shows a downward price action as the price is falling today. The price breakout was bearish today, as bears degraded a small chunk of price value. LINK/USD pair is trading hands at $32 at the time of writing. But overall, circumstances look satisfactory enough for the LINK/USD pair. We assume LINK is correcting before a further breakout, but LINK will have to gather a substantial consolidation to move ahead.

LINK is overall bullish from the past week as the price improved from $25.6 to $32. But it is an expected pressure area as the resistances of 1st June and 4th June are exactly at the current price level, from where LINK started on to the under $30 journey, and rose back to this level again on 5th September, but went down again on 7th September.

LINK/USD 1-day price chart: LINK on the route to recovery?

The 1-day price chart for Chainlink price analysis shows link price was moving in the right direction, but today bears have gained control of the market. Though selling pressure is still there, the support of $31.4 may stop further downfall, but volatility is quite high for LINK/USD.

Chainlink price analysis: Link corrects below $32 as bears define the price function 1
LINK/USD 1-day price chart. Source: TradingView

Bollinger bands are expanding at a high rate, with the upper band at $31.9 just below the price level and the lower band at $23. The average of Bollinger bands is forming at $27.5, and the moving average (MA) is at $31.9. The relative strength index (RSI) is on a downwards slope though still in the upper half of the neutral zone at index 64.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows a bearish trend is on the go here as well, as a continuation of red candlesticks can be seen, indicating a continuous decline, giving a tough time to LINK bulls. The relative strength index (RSI) has also come down from the overbought zone in the 4-hour chart and is at index 65, indicating market pressure above the current price.

Chainlink price analysis: Link corrects below $32 as bears define the price function 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is increasing for the LINK asset, as Bollinger bands show the following reading: the upper band is at $33, and the lower band is at $28, making an average at $30.8. The moving average is traveling towards the price level and is present at $31.5.

Chainlink price analysis: Link corrects below $32 as bears define the price function 3
LINK/USD technical indicators chart. Source: TradingView

The technical indicators chart for the Chainlink price analysis is still on the bullish side due to the strong bullish momentum of the last week. Out of a total of 26 technical indicators available to us, four shows sell signs, and 14 show buys signs, and seven technical indicators stand neutral; hence the majority is contributing to the bullish trend.

The moving averages are also on the bullish side, as one moving average is on the selling side and 13 on the buying side, whereas one moving average is neutral. The oscillators are on the bearish side, with six oscillators standing neutral and one on the buying, and four on the selling side.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests the conditions are highly volatile for the cryptocurrency. The RSI is also indicating selling pressure, so we can assume no good price increment will happen during the current hours, but we can see a significant improvement over the day if market sentiment improves. Even if the downfall continues, traders can still expect the LINK to maintain above the $30 psychological mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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