- Chainlink price currently trades at $11.788.
- Bears dominate the short and mid-term charts.
- Price expected to continue downwards movement towards the $11.00 mark.
Chainlink (LINK) price has declined below the $12.00 mark with the bears marking the charts across both the daily and the weekly timeframes. The price action faces bearish pressure that prevents the bulls from initiating a bullish rally.
The broader cryptocurrency market sentiment is also bearish across the 24-hour charts as most altcoins recorded losses upward of 5 percent. However, the largest cryptocurrency Bitcoin saw little to no bearish activity as the price consolidated at yesterday’s level around $23,450.
Chainlink price across December
Across the 4-hour frames, we can observe Chainlink had a strong start to December as the price attempted to make a V-shaped recovery towards November’s highs. However, the price could not climb above the $14.50 level as the increasing bearish pressure stomped out the bullish momentum.
Following the rejection, the price action entered a bearish trend as the price traded above an ascending support line. The price left the line on December 11 as bullish momentum carried the price above. LINK rose to $13.00 before meeting resistance that halted the bullish momentum. However, the bulls were not done yet, and LINK rose to $14.50 after a brief consolidation around $12.50.
Regardless, LINK once again failed to cross above the $14.50 and the bullish trend was rejected. Since then, the price has declined to $11.50, which acted as support enabling the bulls to fight back. Currently, the price has recovered slightly to $11.780 and shows potential for upwards movement.
Across the technical indicators, the MACD shows declining bullish momentum as the two EMAs show convergence. However, the bullish reversal may be stomped out if Chainlink price falls below the $11.50 level.
Meanwhile, the RSI hovers near the 30.00 marks calling for a bullish reversal. The indicator suggests that the price might make a V-shaped recovery if the bulls hold on. However, if the price consolidates near the $11.50 level price may break further below declining to the $11.00 level.
If bulls can cause the price to recover above $12.50, LINK may see further bullish movement. However, if the price consolidates between the $11.50 and the $12.50 level, Chainlink price may observe a downwards breakthrough falling to the $11.00 level before stabilizing.
Across the weekly frames, we can observe that July and August saw high volatility as the price rose from the $4.75 level to almost touching the $20.00 mark in mid-August. However, the sharp bullish activity resulted in a significantly overbought LINK price that called for a price correction. Subsequently, the price declined to $9.400 before finding support.
The price attempted to climb back above the $17.50 level, but the bulls could not support the movement, and LINK observed a trend reversal at $15.00. Since then, the price has declined to its current level at $11.788 with charts showing potential for further downwards movement.
Across the technical indicators, the MACD shows increasing momentum downwards as the two EMAs converge further. Meanwhile, the RSI and the Bollinger Bands suggest increasing volatility in the short-term.
If LINK is unable to close the week above the $12.50 mark, Chainlink price may decline below the $10.00 level.