Chainlink price analysis: We anticipate LINK to break above the $20.2 resistance

Polkadot Price Analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • Strong resistance is present at $20.2.
  • Support for LINK/USD is present at $16.8.

The Chainlink price analysis is bearish today, as the market pressure is again working in favor of bitcoin. The bears continue to press the downward trend, and there are strong lower lows on the charts. On December 13th, the bears triggered a new steep loss of value for the coin by sinking below the $20 psychological barrier.

LINK/USD price movement in the last 24 hours: Bears returned sooner than expected

Today’s candlestick data indicates that the bulls are still in control, but there is a significant decline in Chainlink‘s price support. It appears that the bearish behavior of yesterday has been reversed, as bulls had attempted to provide resistance for Chainlink’s value on Monday afternoon (December 15th). However, today’s candlestick data reveals that the bears are still active in the market, and there is significant support for LINK/USD price at $16.8.

Strong resistance is present at $20.2. The only catch that may allow bulls to take control of this market is if Bitcoin’s price surpasses its strong support level today, which appears impossible right now when considering the latest Bitcoin price analysis of December 15th.

Even though the price is currently in a downturn, the LINK/USD pair still has an increase in price value of 2.11 percent due to yesterday’s bullish activity. At the same time, it shows a 16.33 percent loss in value over the past week due to its overall downward trend from 12th November. The trading volume has gone down by 15.5%, reducing market dominance to 0.42%.

Chainlink price analysis: Recent developments and further technical indications

Following a solid bullish activity after the previous trading session, the 4-hour Chainlink price analysis indicates that the price breakout was down today. The bears are still in control, with the price continuing to fall.

Chainlink price analysis: We anticipate LINK to break above the $20.2 resistance 1
LINK/USD 4-hours price chart. Source: TradingView

The price is holding its position above the moving average, which is presently at $18.1, suggesting that it will continue to rise. The 4-hour chart shows a similar picture: the Bollinger bands are expanding, and the upper band at $20 and the lower band at $18.1 represent support for the coin, with the average line of resistance set at $18.8.

The bearish pressure has stopped, and both moving averages are now pointing upwards. RSI is at 33, which suggests that bulls will take control of this market again. The MACD indicator does not provide any significant insights into the current activity; however, it shows no change in market conditions. The 50-day line is still far away from its 100-day line. Nonetheless, if bitcoin does manage to cross above $300 again today, then chances are high for Chainlink prices to rise back above $20.

Chainlink price analysis: Conclusion

The Chainlink price analysis shows that bears are in the lead today. The momentum isn’t strong right now due to the slow downwards price fluctuation, which RSI also confirms with its modest downslope. If the bulls regain momentum in the next hours, the LINK might revisit its $16 range. On the other hand, there is a chance for the bulls to make a comeback because selling pressure is present but may be reversed if the bulls gain a little support.

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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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