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Chainlink price analysis: LINK loses nine percent as bears degrade price till $33

Chainlink price analysis LINK loses nine percent as bears degrade price till

TL;DR Breakdown

  • The coin is bearish as per Chainlink price analysis.
  • Support for LINK/USD is present at $32.5.
  • The resistance for LINK is found at $34.8.

The Chainlink price analysis reveals that cryptocurrency got rejected from further upside when the price touched the $34.7 mark. The price has been going under depreciation today as the bears are controlling the price function.

If observed over the past month, the LINK/USD has gained good value as the coin’s price trend line is upwards for this time. On 12th October, the LINK closing price was $24.5, which today, on 12th November, is in the $33 range, providing a good understanding of the coin’s bullish journey. However, LINK was not alone in gaining such a good value, as most of the top coins, even some lesser-known coins, also rallied high during this time, including the Bitcoin and Ethereum rising to record highs. However, LINK was not successful in marking a new record high following the behemoths.

LINK/USD 1-day price chart: Bear dominates the price function

The 1-day Chainlink price analysis shows that the price movement is downwards, and bears have plunged the price down to $33.2 at the time of writing, sparing no chances for the downfall, and yet no signs of bullish activity have been seen. The crypto pair has lost a staggering nine percent value over the last 24 hours but still reports a gain of five percent in price value over the past week. The trading volume shows a decrease of more than 47 percent, and the market cap is down by 8.25 percent today.

Chainlink price analysis: LINK loses nine percent as bears degrade price till $33 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for LINK as the Bollinger bands are again showing signs of divergence, and the lower band seems to be the one moving more towards the downside. The upper band is at the $35 mark, and the lower band is at the $28 mark, making an average at the $33.2 mark. The average of the indicator represents support for the falling price.

The relative strength index (RSI) shows a quite steep downwards curve and is trading at index 57 in the upper half of the neutral zone. Though still in the neutral zone, the RSI shows intense selling activity in the market for LINK/USD.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows the price is on the fall from the last 24 hours as the bearish momentum is quite powerful today. It seems like bulls stand no chance for any improvement today, as the bearish pressure is overwhelming.

Chainlink price analysis: LINK loses nine percent as bears degrade price till $33 2
LINK/USD 4-hours price chart. Source: TradingView

On the 4-hour chart, the volatility is also high, and during the last 24 hours, the price has come down from near the upper Bollinger band almost to the lower band, which represents the lowest possible support for the cryptocurrency at $32.6, and if the bearish sweep continues, this support may be retested soon.

The relative strength index on the 4-hour chart has now stooped below the centerline of the neutral zone and is traveling towards the undersold region, trading at index 43.

According to the latest news, the NASDEX Syncs Chainlink Price Feeds to Provide On-Chain Accessibility to Traditional assets. This will be interesting to see how this works out in the future. NASDEX is a DEX for traditional assets that use non-blockchain assets. This integration will help in secure node operations and enhanced reliability as the Chainlink data aggregation will be more resistant to crash outlier, API downtimes, and data manipulations.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests that the coin is traveling low today, and the RSI is showing some alarming circumstances, as the selling pressure is high and the downfall is outrageous. If the downside continues for another few hours, then bulls will have to rest on $32.5 if this crucial support persists.

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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