Chainlink price analysis: LINK steps down to $14.2 as bears strike back
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TL;DR Breakdown
- Chainlink price analysis is bearish today.
- Support for LINK is present at $13.9.
- Resistance LINK/USD is found at $15.5.
The Chainlink price analysis is bearish for today as the coin faced rejection at $14.7, and the bears got control once again. Their efforts have been successful as the price covered a downward range up to $14.2. Previously the buyers have been active, so the price improved during the last two days, but still, the overall lead has been for the bears as the overall trend line remained downwards. Now, the bears are trying to make a comeback as the selling pressure is building up and the price function is headed down once again.
LINK/USD 1-day price chart: Bulls to retest $13.9 support
The one-day Chainlink price analysis confirms that chances of further devaluation are rising for the bears because of a sudden change in the price trend observed today. The crypto pair was on improvement for the past two days, but today, a rejection from the bearish side was observed as the price decreased up to the $14.2 level losing 1.23 percent value during the last 24 hours. The price is still trading above the moving average (MA) value which is $14.1, but the difference is decreasing.
As the price function has turned downwards, the volatility still remains high, and the Bollinger Bands average has dropped to $15.5. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $18.7, representing resistance for LINK, while its lower back is at $14.1, representing the support for LINK/USD. The Relative Strength Index (RSI) has also decreased up to index 40 after today’s bearish strike.
Chainlink price analysis: Recent developments and further technical indications
The 4-hours Chainlink price analysis also confirms the bearish trend as, despite the price rising again during the last four hours, the LINK/USD is still trading in reds for the day, as bears caused a major drop in price at the start of today’s trading session, after a continuous upside that followed yesterday. The price is now present at $14.2 as a result of the latest bullish recovery that appeared during the last four hours, but the overall progress has been bearish for today. The moving average value at present is $14.4, just above the price level.
The volatility is on the higher side and seems to be increasing in the future, which means there is a high probability that an uptrend is coming ahead. The upper end of the Bollinger Bands Indicator is at $15.5, representing resistance, whereas its lower limit is at $11.7, representing support. The RSI score has also improved to index 52 after the price recovered during the last four hours.
The LINK/USD technical indicators also predict a bearish trend because the major trendline is still going downwards. There are still 13 indicators present on the selling position, whereas nine indicators are present on the neutral position and only four indicators on the buying positions. Thus the majority of the technical indicators complement the bearish side of the market.
Chainlink price analysis: Conclusion
The Chainlink price analysis is bearish today as the price breakout was towards the downside. However, bullish efforts have also been observed during the last four hours, and the price has recovered a bit. The RSI curve is also showing signs of recovery of the 4-hour chart, but if the selling pressure returns, it can be expected that LINK/USD will continue downside to retest $13.9 support.
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