Chainlink price analysis: Link not ready to break above $20

Chainlink price analysis Link not ready to break above

TL;DR Breakdown

  • Chainlink price analysis shows mixed market sentiment.
  • Support for LINK is present at $18.4.
  • Resistance is found at $20.3.

The Chainlink price analysis shows the coin price function has not been able to move upside today. LINK has been on a downfall for the last two days as the coin value fell from $23 to $19.7 during this time. The coin continued downside at the start of today’s trading session as well following yesterday’s slide, but eventually support appeared around $19.2, and the price started recovering. The price recovered to the extent of turning today’s trend on the bullish side, but the coin wasn’t able to touch the $20 range, as selling pressure came in again, and as a result, the price is oscillating near the same level from the start today.

LINK/USD 1-day price chart: prominent trend yet to be defined

The 1-day Chainlink price analysis shows the price is currently at a slightly higher side as the coin is trading hands at $19.8 at the time of writing and has traded in a narrow range of $19.2 to $19.8 today. The LINK/USD pair reports a loss of 4.19 percent in value during the last 24 hours and also a loss of 5.91 percent over the past week, as the 28th December heavy sell-off nulled out the gains made at the start of the week. The trading volume has also decreased by 8.33 percent, and the market cap decreased by 4.36 percent over the last 24 hours resulting in the market dominance of 0.42 percent.

Chainlink price analysis: Link not ready to break above $20 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for LINK, with the upper band at $23, and the lower band is at the $17 mark representing support for LINK. The average of Bollinger bands is forming at $20, representing resistance for LINK. The moving average (MA) is present at $21.2 above the price level. The relative strength index (RSI) is on a horizontal slope though still in the lower half of the neutral zone at index 43, indicating competition between the bullish and the bearish side.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows the price breakout was downwards today, but later on, bulls elevated the price to $19.8, but recently bears have appeared again, and the price function is headed downwards again.

Chainlink price analysis: Link not ready to break above $20 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is increasing on the 4-hour chart as the Bollinger bands are expanding, and the lower band is covering more downwards range as the price trend line is downwards, and the price seems to remain low for the coming days. The lower limit of the Bollinger bands has reached down to $18.4, representing support for LINK price, and the upper band is at $24.5, representing the strongest resistance for LINK. The RSI curve also shows that both sides of the market are struggling for dominance.

Chainlink price analysis: Conclusion

The Chainlink price analysis shows the market is showing mixed market sentiment as the price is oscillating in the $19 range from the start. If bulls get a little more support, then the price can be easily elevated above $20 in the coming hours, but if the selling pressure overpowers the buying side, then LINK may revisit the $18 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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