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Chainlink price analysis: LINK down 3 percent after yet another failed push towards $25

Terra price analysis

TL;DR Breakdown

Chainlink price analysis for the day outlines price going down once more, after a failed push towards the $25 resistance. Price lowered more than 3 percent over the past 24 hours, after rising as high as $22.14 the previous day. Sitting at the time of writing at $21.72, LINK trading volume also lowered more than 30 percent to signify the current bearish outlook. Chainlink has failed to test the $25 mark since an initial rejection on 13 November, but the push may consolidate again if price can hold above $18.15 support over the next trading sessions.

The larger cryptocurrency market showed slight declines, after earlier pushes upwards throughout the market. Bitcoin remains in touching distance of the $51,000 mark after rising over 3 percent yesterday, while Ethereum closed at $4,054 after a 2 percent decline. Among Altcoins, Cardano and Polkadot lowered 2 percent each, while Ripple and Terra dropped 3 and 4 percent each, respectively. The biggest increment was seen with Algorand, rising over 5 percent to sit at $1.57.

Chainlink price analysis: LINK down 3 percent after yet another failed push towards $25 1
Chainlink price analysis: Cryptocurrency heat map. Source: Coin360

LINK/USD 24-hour chart: Heads and Shoulders pattern shows buyer-seller tussle

On the 24-hour chart for Chainlink price analysis, a classic buyer and seller battle can be seen to affect price. After rising up to $22.14 over consecutive days, sellers came into the market to lower price again. The Relative Strength Index (RSI) on the daily chart shows a relatively healthy market valuation with a reading of 51.14. Bollinger Bands’ curves also show encouraging signs, keeping price within the top half of the curves. Price keeps above the crucial 50-day Exponential Moving Average (EMA) for now, looking in line to go up to $25 if buyers can consolidate a push upwards.

Chainlink price analysis: LINK down 3 percent after yet another failed push towards $25 2
Chainlink price analysis: 24-hour chart. Source: Trading View

Chainlink price analysis: Conclusion

The current technical indicators suggest that price is in line to go up to the $25 resistance point, after initially facing multiple rejections towards the point. The 24-hour RSI suggests strong market valuation as price sits above the crucial EMAs near $22, A buying opportunity may come up if price can consolidate at this point and face seller test at $23.22. However, growing seller pressure could retest price towards $18.15 to invalidate the bullish thesis.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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