TL;DR Breakdown
- Chainlink price analysis is bearish for today, dropping by nearly 8%.
- The nearest support rests at $20, while the nearest resistance rests at $22.
- Chainlink price chart shows bearish signals
Chainlink price analysis is bearish for today, dropping by a whopping 8% as the token lost its position in the top 20 cryptocurrencies. Chainlink‘s current price rests at $21, and chart patterns indicate that bears are in charge of the price action.
The LINK price opened the daily candle at $22.91, reaching a daily high of $23.05. But the bulls were unable to maintain this position on December 9, and as a result, prices fell back to the nearest support levels.
The data from CoinMarketCap suggests that cryptocurrency will continue with its bearish trend for the short term. The trading volume dropped by nearly 29.30%, followed by a 4.94% drop in market cap, which currently stands at $9.8 billion. The position of the token in the market is 21.
Chainlink price analysis via chart patterns
Chainlink price analysis on the chart below shows that the token broke out from an ascending channel mid-November as Bitcoin, the world’s biggest cryptocurrency, broke down from its all-time high. Moreover, the LINK/USDT pair is currently retesting an important resistance trend line which, if broken, will confirm that the downtrend is over.
Chainlink price analysis via indicators
The MACD indicator shows that the MACD line is trying to break above the signal line and is very close to it. If the buying pressure increases, we might see a bullish divergence on the MACD indicator followed by high prices. The RSI indicator depicts that the prices will continue to fall for today as the gradient of the line is negative, hinting at an increased selling pressure for the token.
Conclusion
The Chainlink price analysis can be concluded on a bearish note for the day, and higher prices don’t seem likely. As a result, we can expect the price action to drop down to the nearest support levels.
