Chainlink price analysis: Downswing continues lowering price as LINK now values $23.80

Chainlink price analysis Downswing continues lowering price as LINK now values

TL;DR Breakdown

  • Price has decreased up to $23.796.
  • Chainlink price analysis confirms downtrend.
  • Support is still standing at $23.24.

LINK/USD 1-day price chart: Bearish slide causes price to downgrade below $23.7

The bears have maintained their leading position for the past couple of weeks, with fewer bullish interruptions. The market has followed the same trend even today, as the bears successfully retained their control. A considerable decline in LINK/USD was reported today, and the price is now touching the $23.80 extreme. The moving average (MA) value stands at a relatively higher level than the current price, i.e., $26.87.

Chainlink price analysis: Downswing continues lowering price as LINK now values $23.80 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is increasing, which means that the bearish trend is to continue in the upcoming days. The upper and lower Bollinger band values have undergone a shift as well, as now the upper band is standing at $37.15, and the lower band is at $23.24. The Relative Strength Index (RSI) score has dropped below 32 because of the bearish trend.

Chainlink price analysis: Cryptocurrency faces devaluation up to $23.81 degree

The bearish momentum has been intensifying for the past few hours, and a continuous decline in the coin value has been observed. The last four hours proved to be quite detrimental for the overall market value of LINK/USD as well, as a bearish price movement was detected. The price is now standing at $23.81 and has moved past the support levels as well. If we talk about the moving average value, then it is at the $26.19 mark.

Chainlink price analysis: Downswing continues lowering price as LINK now values $23.80 2
LINK/USD 4-hours price chart. Source: TradingView

The increasing volatility indicates that the bears will continue to rule in the coming hours as well. If we move ahead to the Bollinger Bands Indicator, its upper band is standing at $27.86 margin, and its lower band is at $24.75 end. The RSI score is expected to go below the under-bought limit soon as the score just reached 30.37.

Chainlink price analysis: Downswing continues lowering price as LINK now values $23.80 3
LINK/USD technical indicators chart. Source: TradingView

For the past few months, the overall trend has been in favor of the sellers, as the cryptocurrency value underwent a substantial amount of decline. The technical indicators chart for LINK/USD is thus confirming a negative trend. There are 15 indicators on the selling side; 10 hands are on the neutral side, while only one indicator is on the buying side.

The moving averages indicator is also predicting a bearish trend because of the constant degradation in coin value. We can see that 14 hands are on the selling point now; one indicator is on the neutral point while zero indicators are on the buying point. On the other side, the Oscillators are giving out a neutral signal as nine hands are on the neutral position and one indicator each is on both the selling and buying positions.

Chainlink price analysis conclusion

The daily and hourly price predictions are going in favor of bears today, as a rise in bearish momentum has been going on. The red candlestick is marking a significant decline in the coin value, as the price has been lowered to $23.796 today. The four hours Chainlink price analysis is also following a bearish trend as the bears have been leading the game for the past few hours.

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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