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Chainlink price analysis: Link declined at $32.8 as bears dominate the market

Chainlink price analysis Link declined at as bears dominate the market

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • Support is considerably strong at $31.4
  • Resistance is present at $34.8.

The Chainlink price analysis shows the coin declined further upside after reaching the $32.8 level. A decrease in price has been observed today as bears gained control over the market. Yesterday LINK/USD pair showed good performance and recovered losses of the earlier two days when bulls took the price from $30.9 to $32.8, but today the trend is again downwards.

LINK/USD 1-day price chart: Bears are defining the price curve

The 1-day price chart for Chainlink price analysis shows a decrease in price as the crypto pair is trading at $32.4 at the time of writing. But as the coin gained significant value yesterday, so it still reports an increase in value by 3.17 percent, as today’s loss is yet smaller than yesterday’s gain, but the gain will diminish over time if the downtrend continues. The cryptocurrency also reports a 6.6 percent gain in value over the past week. The trading volume has also increased by 66 percent over the last 24 hours.

Chainlink price analysis: Link declined at $32.8 as bears dominate the market 1
LINK/USD 1-day price chart. Source: TradingView

The volatility for the crypto pair is slightly high, but the volatility indicator shows an upwards breakout, as both the limits of the Bollinger bands move upwards parallel to each other, with the upper band at $34.4 indicating resistance for the LINK/USD pair, and the mean average of the indicator at $30.2 representing support for the coin. The moving average is also trading at $31.4 below the price level.

The relative strength index (RSI) is found at index 59. The RSI is in the upper half of the neutral zone but has taken a downturn since the late hours of yesterday’s session, indicating an increase in the selling activity in the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows that bears continued their practice after gaining control over the price function at the end of yesterday’s session and kept degrading the price value today as well, which continues till now, as the price has been falling continuously for 12 hours.

Chainlink price analysis: Link declined at $32.8 as bears dominate the market 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is increasing as the Bollinger bands show divergence from yesterday, with the upper band at $33 and the lower band at $30, making an average at $31.7. The average of the indicator on the 4-hour chart also represents support for the LINK/USD. The RSI is on a downwards curve, falling sharply and has reached down to index 57 from index 66. The RSI shows the intensifying selling pressure building up, which will devalue the coin in the coming hours.

As the price trend line has been upwards for the past week, the technical indicators for the Chainlink price analysis are on the bullish side, with 15 indicators suggesting buying options, and only one technical indicator suggests a selling option, which happens to be the Hull moving average. The remaining 10 technical indicators stand neutral and do not suggest any option.

Chainlink price analysis conclusion

The Chainlink price analysis suggests the coin though in bullish mode overall, is on a downtrend for today, as a further decrease in price value is evident in the coming hours. In the long haul, chainlink is expected to go above $35, and once it breaks above this level, the next target will be $50 plus, but for the intraday trading coin may fall back to $31 today.

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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