Chainlink price analysis: Link corrects at $18, losing 6.2 percent value https://ift.tt/3J2zD7j

TL;DR Breakdown

• Chainlink price analysis shows bearish price action today.
• Support for LINK is present at $16.7.
• Resistance is found at $19.5.

The Chainlink price analysis is on the bearish side as the price has been reduced further. LINK has been under constant pressure since yesterday as the trend has remained downwards continuously for the last 32 hours. Overall the entire cryptocurrency market is bearish as most coins are reporting losses today, and LINK is also continuing downside after 11th November. But the downfall has slowed down a bit from the last week.

LINK/USD 1-day price chart: Bulls stand no chance

The 1-day Chainlink price analysis shows the coin traded in a range of $19.17 to $18.1 today and is trading hands at $18.5 at the time of writing. The LINK/USD pair has gone under a loss of 6.2 percent in price value during the last 24 hours and a loss of 3.65 percent over the past week. The reason for the loss to be less on weekly basis is the slow down of the bearish trend in recent days. The trading volume has also decreased by 4.08 percent, and the market cap by 6.72 percent over the last 24 hours.

Bollinger bands are slowly converging but still are quite far apart, with the upper band at $24.4 above the price level and the lower band at $16, representing support for LINK price. The average of Bollinger bands is forming at $20.3, representing resistance. The moving average (MA) is $18.9, just above the price level. The relative strength index (RSI) is on a downwards slope though still in the lower half of the neutral zone at index 38, indicating more selling pressure for LINK.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows the price has been traveling downwards from the last 32 hours after facing rejection at $20.1. The last bullish activity was observed during the first four hours of the previous trading session, and there on bears are leading the price function non-stop.

The volatility is high for the LINK on the 4-hour chart, as the Bollinger bands show the upper band at the $20.2 mark, and the lower band at the $17.9 mark representing support, and the average of the indicator is forming at $19.11, representing resistance. The moving average is traveling downwards as well and is present at the $19.2 mark. The RSI is continuing its traveling in the lower half of the neutral zone at index 41.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests the price function has been headed down for a long time, but the LINK/USD hasn’t found proper support yet. However, as the bears have been dominating for the last 32 hours, we expect bulls to appear any time as bears might be exhausted now, and some improvement may be observed in the coming hours as the RSI curve on the 4-hour chart is not very steep now.

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