Chainlink price analysis: Bears intervene as LINK reaches $19, downtrend ahead?

Chainlink price analysis Bears intervene as LINK reaches downtrend ahead

TL;DR Breakdown

  • Chainlink price analysis shows mixed market sentiment.
  • Resistance for LINK/USD is present at $19.5.
  • Support for LINK is present at $17.8.

The Chainlink price analysis shows the coin is facing trouble after reaching $19, as bears are trying to pull the price back downwards. Still, LINK is in a comparatively better position as most of the market is bearish today, but LINK/USD is in greens on daily charts. However, chances are there for LINK to turn bearish completely if the recently forming bearish momentum continues. The next support for LINK is present at $17.8; if the downtrend extends, then this support may go under test. On the contrary, resistance is present at $19.5, which has already shown its pressure in the previous hours.

LINK/USD 1-day price chart: Bears almost canceling out bullish gains

The 1-day Chainlink price analysis shows bears have nulled out most of the bullish gains made at the start of the trading session, as the green candlestick on the daily chart is slowly diminishing with time as bears progress. LINK is trading hands at $18.8 at the time of writing. The crypto pair also reports a loss of 5.4 percent over the last 24 hours and a loss of 3.72 percent over the past week. The market cap decreased by 4.1 percent, and the trading volume is down by a hefty 31.2 percent over the last 24 hours, resulting in the market dominance of 0.40 percent. The moving average (MA) is trading at $19.1, just above the price level.

Chainlink price analysis: Bears intervene as LINK reaches $19, downtrend ahead? 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is high, which is why the Bollinger band average is now at $21, representing resistance for LINK. Whereas the upper Bollinger bands value is at $26 for now, and the lower Bollinger bands value is at the $16.9 position representing support for LINK. The Relative Strength Index (RSI) is trading at a horizontal line at index 38 in the lower half of the neutral zone due to the price returning back to its breakout point, and the indicator may take a downturn if the selling pressure continues.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis confirms the above-mentioned analysis as the price breakout was upwards and bears have brought the price back downwards during the last 4-hours, and there are chances for more decline in price in the coming hours. But the opposite is also possible.

Chainlink price analysis: Bears intervene as LINK reaches $19, downtrend ahead? 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility for LINK/USD on the 4-hour chart is also high, with the upper band present at $20.3 representing resistance, and the lower band is present at $17, whereas the mean average of the indicator is present at $18 representing support for LINK. The RSI shows a downwards turn here as the selling pressure is there, and the indicator is hinting at the selling activity in the market.

Chainlink price analysis conclusion

The Chainlink price analysis suggests the LINK performed better today as it is still trading positive up till now. If the overall market starts to recover, then there are imminent chances for bulls to regain their momentum from the point they started today. On the other hand, if the selling pressure continues, then LINK may step down into the $17 range.

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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