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Chainlink price analysis: LINK/USD bearish for the next 24 hours

Chainlink Price analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish.
  • LINK/USD is currently trading at $15.0.
  • Support for LINK is present at $14.0.

The LINK price analysis shows that the bearish trend is likely to continue, mainly because cryptocurrencies are not gaining value. For this reason, I suggest selling LINK now with a target of $16.3 now, but if prices drop below $16, then it would be better to wait for an opportunity to sell it at $16, which will be the last support for LINK in the case of a downward trend.

The increasing volatility is a sign of things to come, and more downtrends will likely follow, and the next support level at $16. The Bollinger Bands indicator has reached its upper value of $26.26, which indicates the most outstanding resistance, whereas its lower value of $11.45 represents the most outstanding support.

LINK/USD price movement in the last 24 hours: red candlesticks outnumber the greend ones

Chainlink price analysis
LINK/USD 1-day price chart. Source: TradingView

The EMA is on the rise again, so bulls may continue to resist downward solid pressure. However, according to the Linked report, this trend cannot last long. If bears gain enough momentum and push past $16, we can expect a fall in LINK’s price to $14.

LINK/USD 4-hour price analysis chart: Recent developments and further technical indications

Chainlink price analysis shows that bears are currently in control of the market. LINK has dropped below its rising EMA, which is a bearish signal. Thus, it is likely that bullish pressure will soon subside completely, leading to further price drops in the future.

The bearish trend may continue for several days, taking LINK’s price down even below $14. Our advice is to sell Link at the current price of around $15 and make a profit on the drop to $14. If the price drops below 16$, then it would be better to wait for an opportunity to sell at $16, as that will likely be the last support in case of a downward trend.

Chainlink price analysis: LINK/USD bearish for the next 24 hours 1
LINK/USD 4-hours price chart. Source: TradingView

The EMA is on the rise again, so bulls may continue to resist downward solid pressure. However, according to the Linked report, this trend cannot last long. If bears manage, coupled with the fact that LINK’s price has dropped below its rising EMA, this means that bears will soon replace bulls.

The Bollinger Bands indicator shows an increase in prices for now, which is likely to lead to intense bearish pressure. The upper value of $26.26 represents the greatest resistance, whereas it’s lower; consequently, we can expect a fall in LINK’s price to $14. The bearish trend may continue for several days, taking LINK’s price down even below $14, and it would be better to sell Link at the current price of around $15 and make a profit on the drop to $14. If the price drops

Chainlink price analysis: Conclusion

Chainlink price analysis shows that bears are currently in control of the market, but the situation is likely to change soon. The bearish trend may continue for several days, taking LINK’s price down even below $14, and it would be better to sell Link at the current price of around $15 and make a profit on the drop to $14.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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