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Chainlink price analysis: LINK prices sink to lows of $13.79 as bears tighten control

link

TL;DR Breakdown

  • Chainlink price analysis is bearish for today
  • LINK prices have sought support at the $13.5
  • Chainlink prices have dropped by 7.58 percent
Chainlink price analysis: LINK prices sink to lows of $13.79 as bears tighten control 1
Cryptocurrencies prices heatmap, source: Coin360

Chainlink price analysis for today shows LINK prices have been on a downtrend over the past few days as sellers have tightened their grip on the market. LINK/USD fell to lows of $13.79, recording a break below the previous support of $14.0 level. This latest sell-off has seen Chainlink’s price drop by 7.58 percent over the past 24-hours as the bears continue to dominate the market.

Currently, Chainlink is ranked number 23 on CoinMarketCap’s list with a total market cap of $6.3 billion and a 24-hour trading volume of $569,787,702.62. Chainlink prices decline has been attributed to the overall market sell-off which has seen most digital assets lose value over the past few days. Bitcoin, Ethereum, and XRP have all corrected lower after testing key resistance levels. In the case of Chainlink, the selling pressure has been so intense that prices have dropped below the $14.0 support level.

Chainlink price action on a 1-day price chart: Bears break below the ascending channel

On the 1-day price chart for LINK/USD, we can see that Chainlink prices had been trading inside an ascending parallel channel since mid-March. The digital asset had made three attempts to break out above the upper boundary of the channel but was unsuccessful on all three occasions. The latest attempt saw Chainlink prices rise to highs of $18.50 before the bears took control of the market and pushed prices below the channel.

Chainlink price analysis has seen LINK trading at $13.79, which is close to the support at the $13.5 level. If Chainlink prices fall below this level, it would invalidate the ascending parallel channel pattern and could see prices drop to the next support level at $12.5. The Relative Strength Index is currently close to the oversold region, which indicates that prices are likely to see a relief rally in the near term.

Chainlink price analysis: LINK prices sink to lows of $13.79 as bears tighten control 2
LINK/USD 1-day price chart, source: TradingView

The bearish trend seen in the crypto market over the past few days has also affected Chainlink’s price performance. After a brief period of sideways trading, LINK prices fell to lows of $13.79 as the bears took control of the market. This latest drop has seen Chainlink’s price drop below the $14.0 support level as well as the 100-day Simple Moving Average (SMA). The MACD line is currently below the signal line, which indicates that the bearish momentum is still strong.

Chainlink price action on a 4-hour price chart: LINK prices sink to lows of $13.79

Chainlink price analysis on the 4-hour price chart shows that LINK/USD prices had been in a consolidation phase since the beginning of April. Prices were trading between the $14.0 and $16.0 levels as the market awaited a clear direction. The bears finally took control of the market this week and pushed prices below the $14.0 support level. Chainlink prices have found some support at the $13.5 level, but the bears are still in control of the market. The prices are below the daily moving averages which indicates that the bearish momentum is still strong.

Chainlink price analysis: LINK prices sink to lows of $13.79 as bears tighten control 3
LINK/USD 4-hour price chart, source: TradingView

The RSI indicator is currently close to the oversold region, which indicates that prices are likely to see a relief rally in the near term. However, the bulls will need to push prices above the $14.0 resistance level to invalidate the bearish trend. The Moving Divergence Convergence (MACD) line is currently below the signal line, which indicates that the bearish momentum is still strong. Moreover, the 100-day SMA is currently providing resistance at the $14.5 level.

Chainlink price analysis conclusion

Chainlink price analysis indicates LINK prices have been caught in the middle of the crypto market sell-off over the past few days as prices have dropped below the $14.0 support level. The bulls will need to push prices above the $14.0 resistance level to invalidate the bearish trend and bring about a relief rally. However, if prices continue to decline, we could see Chainlink prices fall to lows of $12.5 in the near term.

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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