Chainlink price analysis: LINK price unbalances below $14 after rejection

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • Support for LINK is present at $12.4.
  • Resistance LINK/USD is found at $15.2.

The Chainlink price analysis suggests the price has been suppressed again from the bearish side, as a rejection from upside has been reported for today. The price covers a range downwards below $14 due to the return of bearish pressure after two days of bullish activity. The coin value enhanced significantly during the last two days, but today the bears have interfered again, and the price has reached $13.11. Currently, the price is trying to settle at $13, which is also a support level that is currently under test. Next, support for LINK is present further below at $12.4.

LINK/USD 1-day price chart: Bearish momentum stimulates again

The one-day Chainlink price analysis is showing a bearish trend as the red candlestick has returned to the price chart. The past few days have proved crucial for the cryptocurrency, except the last two days as a downward trend has been following. There has been a recurring fall, as the price has stepped down into the lower price envelope at $13.11. The current price value traveled below the moving average (MA) value which is settled at $13.7.

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LINK/USD 1-day price chart. Source:TradingView

The SMA 50 curve is traveling high again as the bears are regaining their strength. The Bollinger Bands Indicator in the 1-day price chart points out the following values; the upper value at $15.7 while the lower one at $12.4. The Relative Strength Index (RSI) score has decreased up to index 40 as well because of the deficit in price.

Chainlink price analysis: Recent developments and further technical indications

According to the four hours Chainlink price analysis, the price has been traveling low. The recent downturn in price movement has resulted in its decline as it has been lowered to $13.11. Chances of recovery seem minimized as the bearish slide has been proceeding uninterruptedly, severely damaging the coin value. The price has gone below the moving average value as well, which has been standing at $13.7 position along with the SMA 50 curve.

LINK/USD 4-hour price chart. Source:TradingView

As the volatility is on the increasing trend, the upper Bollinger band is now touching the $14.3 mark, whereas the lower Bollinger band is on the $12.3 mark. The RSI curve has descended to the index 42 mark, confirming a sharp drop in price.

Overall, a decrease in price has been observed if we overview the situation on a general basis. This is why the technical indicators for LINK are giving bearish hints, with a majority of 15 indicators giving sell signals, including the moving averages. On the contrary, the oscillators are standing perfectly neutral without favoring either side of the market.

Chainlink price analysis: Conclusion

The Chainlink price analysis concludes the bears are playing their cards once again after a continuous drop in price occurred during the past few hours. The LINK/USD price has returned down to the $13.11 level, thus confirming the decrease in price. We can expect a downward price movement in the upcoming hours, as the four hours price analysis is also dropping bearish hints.

Disclaimer.The information provided is not trading advice. 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.

Source link:Cryptopolitan

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