LINK/USD suffers further retrenchment to lows of $16.15
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TL;DR Breakdown
- Chainlink price analysis is bearish today
- Support quite stable at $15 and further down at $13.5
- Resistance at $20 where bears have strong sellers lined up
The latest Chainlink price analysis shows a bearish trend. Chainlink Price has dropped to $15.35 with sharp decline and is likely to decline further. The bearish trend has been seen for the last 24 hours.
The daily price of $15.21 is the lowest for this month. From the analysis, it seems that sellers are in control. This may result in prices dropping further below $15 and breaking support levels which can lead to a further drop below $14.15.On the other hand, if $15 support is not broken, prices will likely rise to a break the resistance level of $20.
Other cryptocurrencies in the Coin360 price heatmap have seen major cryptocurrencies Bitcoin and Ethereum lose 1.74 percent and 4.38 percent. The entire cryptocurrency market is trading at the bloodbath, which seems to have attributed to the decline of Chainlink prices.
LINK/USD 1-day price chart: Bears are still dominating price action
On 1-day timeframe, Chainlink has been bearish. The price action has broken below $16 support and is currently trading near the support level of $15.35. The support is very strong since buyers were able to hold the price above it for more than 8 hours. This shows that bulls are ready to defend their ground. Chainlink has been trading between the range of $15-$18 for more than a week. Chainlink trading volume has been on a decline and this shows that more participants are exiting the market.
LINK/USD 1-day price chart, source: TradingView
Chainlink is currently trading above its 20 days EMA and 50 days EMA indicating that it may rise further. However, more confirmation would be needed to signal the strength of buyers at current prices.
The relative strength index(14) has been below 40 which shows bearish momentum is stronger. Additionally, if the price rises to break the resistance level of $18 a bullish momentum may follow.
A cross above the moving averages would be needed to signal a retracement of prices below $16. The Stochastic RSI oscillator has crossed down from above to below 80 which shows sellers have taken control of price action and will result in a further drop below $15.The trading volume has been declining with time and this shows that market participants are not very interested in Chainlink.
LINK/USD 4-hour chart: Bulls are not ready to defend their ground?
On the 4-hour chart, price action is bearish. The price has broken below $16 and current prices are hovering around the support level of $15.15.This shows that bulls are not ready to defend their ground and bears will soon take over if they don’t do something about it soon.
LINK/USD 4-hour chart source: TradingView
The Relative strength Index(14) is bouncing off from below 60 which shows that buyers are losing their momentum. The Stochastic RSI oscillator has crossed down from above to below 80 which indicates that sellers have taken over. The price is currently at the level of $15.15 and if it fails to break this resistance, prices will likely drop below $16. The MACD line and the signal line are below the zero line which indicates a sell signal. The Ichimoku cloud is exhibiting a bearish trend.
Chainlink price analysis conclusion: Bears are in charge
Chainlink price analysis is bearish today. From the latest Chainlink price analysis, it seems that sellers are in control and $16 support is not able to hold for more than 8 hours by bulls. If prices fail to break the resistance level of $18, sellers will drive the price down to below $15.
In this case, there is a possibility that prices may even drop below $15. If buyers defend the price from breaking below $15 support and succeeds in taking it up above the 20 days EMA and 50 days EMA, another bullish momentum can be seen but this depends on the break of the resistance level.
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
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