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Chainlink price analysis: LINK/USD struggling at $20

LINK

TL;DR Breakdown

  • Chainlink price analysis appears to be bearish.
  • The strongest resistance is present at $23.
  • The strongest support is present at $19.1.

The Chainlink price analysis of January 1, 2022, reveals the market following a fluctuating trend. The price of Chainlink reached $20.5 on December 31, 2021, only to experience a flash crash and fall to $19 on the same day. The next day Chainlink somewhat stabilized and rose to $20. The current price of Chainlink is $20.

LINK/USD 4-hour price analysis: Trend fluctuates as volatility decreases

Chainlink price analysis reveals the market’s volatility to be following a decreasing movement, and this means that the price of Chainlink is becoming less prone to undergo variable change. The upper limit of the Bollinger’s band is present at $20.7, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $19.1, which serves as the strongest support.

The resistance band and the support band are coming near each other as the volatility decreases, indicating a possible squeeze in the market, which may result in a sudden surge of volatility in the market.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be shifting, and the direction has recently shifted to a bullish sign.

Chainlink price analysis: LINK/USD struggling at $20 1
LINK/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is 49, which shows a stable value for the cryptocurrency, meaning that the cryptocurrency falls nether on the overbought extreme nor the undervalued extreme. The RSI can be seen moving upwards, which may indicate a rise in the price of LINK/USD.

Chainlink Price Analysis for 1-day: LINK/USD aiming for the $20.5 mark

The Chainlink price analysis reveals the market’s volatility to be following a dormant trend, which means that the price remains stable until volatility fluctuates. The upper limit of the Bollinger’s band is present at $23, serving as the strongest resistance. The lower limit of the Bollinger’s band s present at $17, which represents the strongest support.

The LINK/USD price appears to be crossing under the price of the Moving Average, signifying a bearish movement. It seems the bears have taken control of the market and will likely maintain it.

Chainlink price analysis: LINK/USD struggling at $20 2
LNK/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) is 46 signifying a stable value for the cryptocurrency. This means that the cryptocurrency falls neither on the overbought extreme nor the undervalued extreme. The RSI path can be seen to have shifted to an inclining movement which may indicate future increments in the price.

Chainlink Price Analysis Conclusion: Market indecisive between bears and bulls

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 downward trend that may shift to an upwards direction soon. LINK/USD has risen sharply to the $20.5 mark; the price reached $20.49 on December 31, 2021.

Chart analysis shows bullish volatility and bearish trend opportunities soon. It is predicted that LINK could quickly enter the $20.5 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 $19.

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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