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.
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: 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.
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