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Chainlink price analysis: LINK/USD struggling for $20

LINK

TL;DR Breakdown

  • Chainlink price analysis appears to be bearish.
  • The strongest resistance is at $27.8.
  • The strongest support is at $17.2.

Chainlink price analysis for December 14, 2021, shows us that the market for Chainlink is currently undergoing a bearish trend. On December 13, 2021, the price of Chainlink reached $19, and soon after, it experienced a flash crash which led to a decline in its cost, and it fell to $17. The current price of Chainlink is hovering between $17.5 and $18.

LINK/USD 4-hour price analysis: market strongly bearish at $17.9

Chainlink price analysis indicates that the upper limit of the Bollinger’s band is standing at $20.87, which is also known as its resistance and the lower limit of the Bollinger’s band rests at $17.2, which is also known as its support. The LINK/USD price seems to be going under the Moving Average curve, which indicates a bearish trend. The market volatility is increasing suddenly, which means that the value of the assets is prone to variable change.

Chainlink price analysis: LINK/USD struggling for $20 1
LINK/USD 4-hour price chart source: Trading view

Chainlink price analysis for 4-hours shows us the Relative Strength Index (RSI) is at 37. The RSI being this low indicates that the assets are slipping towards the undervalued side. Since the market volatility is increasing and the trend is bearish. The price might also increase, and the direction might shift to bullish if the support fluctuates.

Chainlink price analysis for 1-day: LINK/USD shows strong bearish dynamics

Chainlink price analysis shows us that the upper limit of the Bollinger’s band is $27.4, which is also known as the resistance, and the lower limit of the Bollinger’s band rests at $16.7, which is also known as the support. The LINK/USD price moves under the Moving Average curve indicating a bearish trend. The past few days have been bearish for Chainlink.

Chainlink price analysis: LINK/USD struggling for $20 2
LINK/USD price chart source: Trading view

By observing the Chainlink price analysis for one day, we know that the Relative Strength Index is at 33, which means the value of assets is significantly declining. The bears are dominating the market for now. The volatility is increasing, and the trend is bearish; the most likely scenario is that the value will keep declining until eventually the bulls make a comeback and raise the price. This way, Chainlink will gain more stability.

Chainlink Price Analysis Conclusion: bears all the way

We deduce that the bears dominate the market by concluding the Chainlink price analysis. The price of Chainlink reached $20.7 on December 12, 2021, but shortly after declined significantly and kept declining until it got $19 when it experienced a flash crash on December 13, 2021, and kept declining. On December 14, 2021, the price of Chainlink was $17.9.

The Chainlink market is in the hands of the bears; the bulls will need to up their game if they want to stand a chance and snatch control of the market.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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