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Chainlink price analysis: LINK degrades to $18.12 as the bearish wave continues

Chainlink price analysis LINK degrades to as the bearish wave continues

TL;DR Breakdown

  • Chainlink price analysis shows a bearish trend.
  • Resistance for LINK price is present at $18.9.
  • Support for cryptocurrency is present at $17.6.

The Chainlink price analysis is going in favor of the bears today. The cryptocurrency faced a substantial amount of loss in the past 24-hours when the bears showed an overpowering strength and the price levels receded to $18.12. A major drop in price levels was observed at the start of the trading session when the price dropped to $17.9, taking a bearish start for the day; however, bulls have also shown up, and the price function is recovering again currently.

The one-day Chainlink price analysis is confirming a downward trend for the cryptocurrency, as the bears have been leading the price chart for the second day. The past few weeks have proved to be favorable for the market value of LINK/USD as the coin was recovering. Today’s trend has yet again proved to be on the negative side, as the price has decreased up to the $18.12 level. Meanwhile, the moving average (MA) is trading at $17.5 above the SMA 50.

Chainlink price analysis: LINK degrades to $18.12 as the bearish wave continues 1
LINK/USD 1-day price chart. Source: TradingView

The decreasing volatility is indicative of future trends, and it can be predicted that more downtrends are coming ahead. The Bollinger Bands’ upper value is $19, while its lower value is $14.6. The Relative Strength Index (RSI) score moved down to index 47 because of the selling trend.

The 4-hour Chainlink price analysis reports show the price has undergone a slight recovery in the past few hours, as the buying momentum is intensifying. The buyers are putting in their efforts to rescue the cryptocurrency value from undergoing further decline. Their efforts have been successful so far, as the price is now $18.12, which is a sign of improvement. The price is yet to cross its moving average, which is settling at the $18.4 mark.

Chainlink price analysis: LINK degrades to $18.12 as the bearish wave continues 2
LINK/USD 4-hour price analysis. Source: TradingView

Although a crossover between SMA 50 and SMA 20 is also expected as the SMA 20 is on a downwards slope, which is a bearish indication, despite the last four hours being quite supportive for the bulls. If we discuss the Bollinger bands values, then its upper value is found to be at $19.31, and its lower value is at $17.3. The RSI curve shows an upward movement, and the score has been enhanced to index 51 as the buying activity restarted.

The 1-day and 4-hours Chainlink price analysis shows that the price has undergone a major decline during the day. The LINK/USD price has dropped down to $18.12 after undergoing a constant devaluation for the past two days. Although there have been instances where the bulls tried to take on the lead, the overall control has been in the hands of the sellers, and a further decline in price levels can also be expected during the day.

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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