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Chainlink price analysis: LINK prices oscillate towards $ 14.69 as bears rule the market

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TL: DR Breakdown

  • Chainlink price analysis shows a bearish sentiment of the market
  • Chainlink prices have sought support at $ 12.50
  • The LINK / USD pair may rebound at $ 14.69
Chainlink price analysis: LINK prices oscillate towards $ 14.69 as bears rule the market 1
Cryptocurrencies prices heatmap, source: Coin360

Chainlink price analysis shows that LINK/USD opened the daily market with mixed reactions whereby the prices showed an undecisive trend during the opening hours. Chainlink prices have been trading in a sideways trend since the start of this month, with the bulls and bears fighting for control. The bulls have defended the $13.50 support on three occasions, but have so far failed to break above the $15.00 resistance. The LINK/USD pair is currently trading at $14.69, and a break above the $15.00 resistance could open up the upside towards $16.50. On the downside, support is seen at $14.41, which is the recent lows set earlier this week.

The LINK/USD pair opened the daily market with a slight bullish move that was followed by a sharp bearish move that pushed prices towards $14.69 support levels. The bulls were not able to sustain the prices at higher levels and therefore succumbed to the bear’s pressure. The market is likely to be bearish in the short term as the bears are presently in control.

Chainlink price analysis on 1-day price chart:LINK/USD prices may rebound $14.69

On the 1-day chart, we can see that Chainlink prices have been trading in a sideways trend since the start of this month, with the bulls and bears fighting for control. The bulls have however not been able to overcome the bearish pressure on today’s market, with the prices currently trading around $14.69 levels. The market is likely to be bearish in the short-term as the bears are presently in control as the trading volume is low.

Chainlink price analysis: LINK prices oscillate towards $ 14.69 as bears rule the market 2
LINK/USD 4-hour price chart, source: TradingView

The Relative Strength Index (RSI) on the 1-day chart is presently showing a neutral signal with no major divergences. The MACD indicator is also presently showing a bearish crossover signal which indicates that the bears are in control of the market. The EMAs have been bearishly aligned which further validates the bearishness in the market.

Chainlink price analysis on a 4-hour chart:LINK/USD prices slips slightly ,bullish crossover incoming?

Looking at the 4-hour chart, we can see that Chainlink prices have been trading in a downtrend since the start of this week as the bears have been in control.

Chainlink price analysis: LINK prices oscillate towards $ 14.69 as bears rule the market 3
LINK/USD 4-hour price chart, source: TradingView

The market is presently bearish as the RSI indicator is presently showing a bearish signal with no major divergences. The MACD indicator is also presently showing a bearish crossover signal which indicates that the bears are in control of the market at present. The moving average (MA) crossover on the 4-hour chart is also bearishly aligned which further validates the downtrend in the market.

Chainlink price analysis conclusion

In conclusion, Chainlink price analysis shows a bearish sentiment of the market at present with the prices oscillating towards $14.69 support levels. The bulls may however rebound at these levels if they are able to muster enough strength to push prices up. The market is presently bearish as the RSI and MACD indicators are both presently giving bearish signals on the 1-day and 4-hour charts. The market may however rebound at $14.69 levels if the bulls are able to gain some traction.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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