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Chainlink price analysis: LINK recovers at $6.9 under bearish pressure. Correction ahead?

Chainlink price analysis: LINK recovers at $6.9 under bearish pressure. Correction ahead?
TL;DR Breakdown
  • Chainlink price analysis predicts a weaker bullish trend.
  • Resistance for LINK is present at $7.7.
  • Support for LINK/USD is present at $4.9.

The Chainlink price analysis shows a bullish trend today as the coin is recovering under high market pressure. LINK/USD can be expected to close at a lower high above the $7.6 mark as the crypto pair underwent correction yesterday. However bearish pressure is still there as the upwards price movement is slow. The next resistance is present at the level of $7.75, but LINK is already feeling the selling pressure.

LINK/USD 1-day price chart: Bullish momentum is weak

The 1-day price chart for Chainlink price analysis shows that the coin, after falling to $6.8 yesterday, has found support. On the other hand, the bullish momentum is not strong and the upwards price movement is slow, so the gains may not be of a significant impact as the major trend is bearish, and the trend line for LINK is downwards.

The coin still reports a loss of 2.28 percent in value over the last 24 hours, and the coin reports a loss of value amounting to 3.99 percent over the past week, which shows a truer picture of the current market situation. The trading volume has also decreased by 6.63 percent overnight providing market dominance of 0.26 percent.

linkusd 1 day price chart 2022 05 21
LINK/USD 1-day price chart. Source: TradingView

The volatility for the LINK/USD pair is high as the Bollinger bands are covering more area, the upper band is present at the $12.2 mark, representing resistance for LINK and the lower band is present at the $4.9 mark representing support for LINK. The mean average of the indicator is present at the $8.5 mark above the current price. The Relative strength index (RSI) is trading at a quite lower level at index 33, and the curve of the indicator is still horizontal, indicating a lack of momentum from the bullish side of the market, but also hints at the price function being under pressure.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows the bulls elevated the price steadily during the first four hours of the trading session following a strong correction yesterday. But the gains made are on the lower side. Bears have also returned to stop the improvement in price, and the price is moving downwards at the time of writing.

linkusd 4 hour price chart 2022 05 21
LINK/USD 4-hour price analysis. Source: TradingView

The volatility is comparatively low for LINK on the 4-hour chart, as the Bollinger bands have narrowed down. The upper band is now at the $7.4 mark, and the lower band is at the $6.6 mark. The average of Bollinger bands is at $7, representing resistance for the coin. The moving average (MA) is at the $7.02 mark above the price level. The relative strength index (RSI) is trading in the neutral region at index 44; the curve of RSI has formed a straight line, hinting at the bearish pressure in the market.

Chainlink price analysis conclusion

The Chainlink price analysis is on the bullish side for today, as the coin has recovered to an extent today. On the other hand, selling pressure is also there as the price has decreased during the last four hours. So LINK may retrace a bit before breaking further above. In contrast, if the selling pressure continues then today’s trend can also change in favor of bears.

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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