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Chainlink price analysis: LINK prices trade below the key $15.33 support as bears continue ruling

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TL;DR Breakdown

  • Chainlink price analysis is bearish
  • LINK/USD prices have seen resistance at $15.82
  • The support price for Chainlink prices is present at $15.09
Chainlink price analysis: LINK prices trade below the key $15.33 support as bears continue ruling 1
Cryptocurrencies prices heatmap, source: Coin360

Chainlink prices opened the daily trading chart trading marginally above the $15.44 support level. However, as the day progressed, Chainlink prices found strong resistance at the $15.82 level which forced the prices to correct lower and retest support at $15.33. The digital asset is currently trading at around $15.30 after having seen a minor price surge in the past few hours.

Chainlink price analysis is bearish as LINK/USD prices have seen resistance at the $15.82 level. The digital asset is currently trading near the $15.30 level and if the prices correct lower from the current levels, strong support is present near the $15.09 level. Chainlink prices have been trading low for the past few days as the prices have not been able to break out of the descending triangle pattern.

Chainlink price movement in the last 24 hours: Bears adamant in their control

Chainlink prices have seen a slight price drop of around 2.15 percent in the past 24 hours as the digital asset currently trades near the $15.30 level. The market capitalization of Chainlink stands at around $7.1 billion, and the digital asset has seen a trading volume of $423 million in the past 24 hours. The coin currently ranks position 23 overall as it dominates 0.36 percent of the digital assets market. The SMA 50 and SMA 200 are currently placed well above the current trading price levels, which shows that the short-term and long-term moving averages are both bullish for Chainlink prices.

Chainlink price analysis: LINK prices trade below the key $15.33 support as bears continue ruling 2
LINK/USD 1-day price chart, source: TradingView

The technical indicators on the 1-day price chart for Chainlink are mostly bearish as the MACD line is currently trading below the signal line. The RSI indicator for LINK/USD is also moving lower towards the oversold territory, which shows that prices have more room to fall in the short term. However, if the digital asset starts to see some buying pressure near the current levels, it might be able to correct higher towards the $15.82 resistance level.

Chainlink price analysis on a 4-hour price chart: Recent developments and further technical indications

On the 4-hourly chart for LINK/USD, we can see that prices have retested the descending trend line and are currently trading near the $15.30 level. The MACD indicator is currently in the bearish zone, however, it is close to the centerline which indicates that there might be a minor price surge in the near term. The RSI indicator is currently trading near the 50 level which indicates that the market is currently in a state of indecision.

Chainlink price analysis: LINK prices trade below the key $15.33 support as bears continue ruling 3
LINK/USD 4-hour price chart, source: TradingView

The EMA 10 is currently trading well below the EMA 50 and EMA 200 which indicates that the digital asset is in a strong bearish trend. However, if prices start to see some buying pressure near the $15.30 level, they might be able to correct higher towards the $15.82 resistance level in the near term.

Chainlink price analysis conclusion

Chainlink price analysis for today indicates a bearish market sentiment as prices have found strong resistance near the $15.82 level. The digital asset is currently trading near the $15.30 level and if prices are correct lower from the current levels, strong support is present at around the $15.09 level. Most of the technical indications on the 1-day and 4-hour price chart are bearish for Chainlink prices, however, the digital asset might see a minor price surge in the near term as the MACD indicator on the 4-hour chart is close to the centerline.

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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