- Chainlink price currently at $12.16557
- Both short and mid-term charts suggest bearish movement.
- Price to retrace to $14.50 before finding support.
Chainlink (LINK) price opened the day at $13.084 with bearish momentum marking the chart throughout the day. Currently, Chainlink price is $12.16557 showing a 7.05 percent decline from the day’s opening price.
Chainlink price had a strong start to December as the price seemed to be making a V-shaped recovery towards the $16.00 level. However, 12 hours into the month, the price action was strongly rejected with the bearish pressure causing the price to decline to $13.00. Following the decline, the price recovered to $14.00.
However, the increasing bearish momentum did not allow for further upwards movement, and the price declined following a brief consolidation. The buyers defended the support level at $12.50 only for the price to consolidate about the level for a while before eventually breaking below.
On the technical indicators, the MACD shows increasing bearish momentum suggesting further downwards movement. Meanwhile, the RSI hangs on the verge of oversold conditions. This shows that a sharp price decline might initiate a trend reversal. Traders can expect the price to decline towards the support level below $11.50.
Chainlink price started November with a little momentum on either side as the price failed to make a major move in either direction. Initially, the price action seemed to be making a bullish move but failed as the price got rejected from the $11.70 resistance level. The price declined below the $10.00 level before finding support at $9.80 to stop the downward movement.
That turned out to the month’s lowest price as the bulls dominated the market for most of the month. The trend saw a sharp reversal as the price rose above the $13.00 level in just three days. However, the bullish momentum died at the level as the sharp rise made the asset overbought, and a correction was in order.
The price correction resulted in a decline to $11.480, but the price bounced back and made a V-shaped recovery to $13.00. The increasing bearish momentum caused the price to halt its upwards movement, and for the next seven days, the price consolidated below the $13.00 level with little movement above the mark.
On November 16, Chainlink price rose from the lows of $12.00 in an ascending channel that carried the price above the $16.00 level by November 24. The channel ended at the level as the buyers faced strong resistance at the level that they failed to cross. Subsequently, the price declined sharply to the previous support level of $11.480.
The support level enabled the price to make a sharp recovery to $14.5, but the price failed to climb any higher and declined as the bullish momentum exhausted. Since then, the charts have been observing wavelike bearish activity as the price declines towards the support level at $11.48.
On the technical indicators, the MACD shows increasing bearish momentum as the two EMAs diverge. Meanwhile, the RSI flashes the ‘oversold’ signal, but the signal is not very strong as the indicator hovers near the 30.00 mark.
Traders can expect Chainlink price to retrace to support level at $11.48 before recovering. If buyers fail to hold the support level, the price can be expected to decline to the $11.00 mark.