Chainlink price analysis: LINK/USD suffers a colossal downfall at $22.2

LINK

TL;DR Breakdown

  • Chainlink price analysis appears to be bullish.
  • The strongest resistance is present at $23.3.
  • The strongest support is present at $20.9.

The Chainlink price analysis reveals that the cryptocurrency has been following an unstable trend in the past few days and finally decided on staying bullish for the time being; only time will tell if it will be able to maintain it. On December 26, 2021, the price skyrocketed from $21.3 to $24.5. On December 27, 2021, the cost followed a shaky pattern but eventually was able to pull through and reach a high price of $24.6. On December 28, 2021, the price suffered a massive downfall from $24.6 to $21.7. The price increased gradually to $22.3, which is the current price of LINK/USD.

LINK/USD 4-hour price prediction: Market bearish with strong support

The Chainlink price analysis reveals the market’s volatility to be following a somewhat declining trend, which indicates the LINK/USD price to be less likely to experience variable change. The upper limit of the Bollinger’s band is present at $24.2, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $20.9, which represents the strongest support.

The LINK/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish market for the cryptocurrency. Observations suggest that the LINK/USD market is experiencing fluctuating trends. The price path may guide a future reverse direction, which may result in the price shifting to an inclining movement.

Chainlink price analysis: LINK/USD suffers a colossal downfall at $22.2 1
LINK/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is at 50, which indicates that the cryptocurrency falls to neither the overbought extreme nor the undervalued extreme. The path of the RSI appears to be following a somewhat straight direction, which means that the probability of moving to either of the extremes is improbable.

Chainlink price analysis for 1-day: LINK/USD struggles for $24.5

The Chainlink price analysis indicates that the market’s volatility appears to be following a dormant trend, which means that the LINK/USD price is neither less probable nor more probable to undergo a change in value. The upper limit of the Bollinger’s band is present at $23.3, which represents the strongest resistance. The lower limit of the Bollinger’s band is present at $16.9, which serves as the strongest support.

The LINK/USD price appears to be crossing over the curve of the Moving Average, indicating a bullish trend. The price can be seen following a downward path which may indicate a future reverse direction.

Chainlink price analysis: LINK/USD suffers a colossal downfall at $22.2 2

The Relative Strength Index is 52, which signifies that the cryptocurrency value falls on neither the undervalued lot nor the overbought lot. The price of Chainlink seems to be following a stable trend. The RSI path appears to be moving slightly downwards, but it is unlikely to plummet entirely and devalue the cryptocurrency.

Chainlink Price Analysis Conclusion: LINK/USD suffers oscillating trends

The conclusion of the Chainlink price analysis shows that the recognition made in the current behavior of LINK/USD indicates that it is following a high trend that may fall soon. LINK/USD has risen sharply to the $ 24.5 mark; the price reached $ 24.4 on December 27, 2021.

Chart analysis shows bullish volatility and bearish trend opportunities soon. It is predicted that LINK could quickly enter the $24.5 mark range, but this depends on support volatility; if current support fluctuates, and depending on the data displayed on the charts, it is very likely, we can see prices drop to $21.

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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