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Chainlink price analysis: LINK prices decline by 1.50 percent as bears come in

LINK

TL;DR Breakdown

  • Chainlink price analysis is bearish
  • LINK prices are facing resistance at $18.2
  • LINK/USD current support is found at 16.5
Chainlink price analysis: LINK prices decline by 1.50 percent as bears come in 1
Cryptocurrencies prices heatmap, source: Coin360

Chainlink price analysis has seen LINK prices trading on intraday lows of $17.27 and has since bounced back up to $17.8. The LINK/USD pair is currently down by 1.50% at the time of writing. Chainlink prices are facing resistance at $18.2 as indicated by the 4-hour MACD. The current support for LINK/USD is found at 16.5. A break below this support could see LINK prices dropping to $15.

Chainlink prices have been hovering around a range of $17.2 and $18.29 in the last 24 hours. The present sell-off in LINK prices could be attributed to the overall market sentiment and lack of bullish momentum in the crypto market. The trading volume is currently totaling $661,873,605.83 while it dominates 0.38 percent of the overall digital assets. Chainlink prices are likely to decline further if the bears continue to dominate the market sentiment.

Chainlink price analysis on a 1-day price chart: LINK moves within a bearish channel

The 1-day price chart for LINK shows that the bears have been in control of the market sentiment over the last few days. The LINK/USD pair has been moving within a bearish channel with support at $16.5 and resistance at $18.2. A break below the support could see LINK prices dropping to $15. On the other hand, a break above the resistance could see LINK prices reaching $20.

Chainlink price analysis: LINK prices decline by 1.50 percent as bears come in 2
LINK/USD 1-day price chart, source: TradingView

The RSI line is headed downwards and currently residing at $40. This suggests that the bears are in control of the market sentiment and that a further decline in LINK prices is likely. There is a possible head and shoulders formation developing in the 1-day price chart for LINK. The neckline is found at $18.2 and the target price for the breakdown would be $15.The MACD line is however indicating a possible bullish divergence in the LINK/USD pair. This could see a reversal in the trend and an increase in LINK prices. The market volatility is declining as the Bollinger bands are seen to be slowly converging. This could suggest a possible breakout in either direction.

Chainlink price analysis on a 4-hour price chart: LINK faces resistance at $18.2

The 4-hour price chart for LINK shows that the LINK/USD pair is facing resistance at $18.2. The pair has been unable to break above this resistance level and is currently down by 1.50%. The RSI line is indicating that the bears are in control of the market sentiment and a further decline in LINK prices is likely. The MACD is crossing the signal line and is indicating a possible bullish divergence in the LINK/USD pair. This could see a reversal in the trend and an increase in LINK prices.

The Bollinger bands are indicating a decrease in market volatility and this could suggest a breakout in either direction. The SMA lines are crossed and this could suggest that the trend is changing with the 50-day SMA line being above the 200-day SMA line.

Chainlink price analysis: LINK prices decline by 1.50 percent as bears come in 3
LINK/USD 4-hours price chart, source: TradingView

Chainlink prices analysis conclusion

The Chainlink price analysis for today shows the bears have the upper hand as they are trying to drag LINK prices below the $16.5 support level. The current resistance for LINK/USD is at $18.2 and a break above this could see prices reaching $20. There is a possible head and shoulders formation developing in the 1-day price chart which has a neckline at $18.2 and a target price of $15 for the breakdown. The MACD line is however indicating a possible bullish divergence which could see a reversal in the trend and an increase in LINK prices.

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.

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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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