Chainlink Price Analysis: Bears Intervene When LINK Hits $ 19, Is A Downtrend Looming?

TL; DR Breakdown

Chainlink’s price analysis shows mixed market sentiment. Resistance for LINK / USD is present at $ 19.5. Support for LINK is present at $ 17.8.

Chainlink’s price analysis shows that the coin is struggling after hitting $ 19 as bears are trying to push the price down. Still, LINK is in a comparatively better position as most of the market is bearish today, but LINK / USD is in the green on the daily charts. However, there are chances that LINK will turn bearish entirely if the newly formed bearish momentum continues. The next support for LINK is present at $ 17.8; If the downtrend extends, then this support can be put to the test. On the contrary, resistance is present at $ 19.5, which has already shown its pressure in the previous hours.

LINK / USD 1-day price chart: Bears almost canceled bullish gains

The 1-day Chainlink price analysis shows that the bears have canceled out most of the bullish gains made at the beginning of the trading session as the green candle on the daily chart is slowly decreasing over time as the prices progress. bassists. LINK is trading hands at $ 18.8 at the time of writing. The cryptocurrency pair also reports a 5.4 percent loss in the past 24 hours and a 3.72 percent loss in the past week. Market capitalization decreased by 4.1 percent and trading volume decreased by a considerable 31.2 percent over the past 24 hours, resulting in a 0.40 percent market dominance. The moving average (MA) is trading at $ 19.1, just above the price level.

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

Volatility is high, so the Bollinger band average is now at $ 21, which represents resistance for LINK. While the value of the upper Bollinger bands is at $ 26 for now, and the value of the lower Bollinger bands is at the position of $ 16.9 which represents the support for LINK. The Relative Strength Index (RSI) is trading on a horizontal line at the 38 index in the lower half of the neutral zone as the price returns to its breakout point, and the indicator may suffer a dip if the selling pressure keep going.

Chainlink Price Analysis: Recent Developments and Additional Technical Indications

Chainlink’s 4-hour price analysis confirms the analysis mentioned above, as the price breakout was to the upside and the bears have caused the price to go down for the last 4 hours, and there are chances that the price will decline in the next few hours. But the opposite is also possible.

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

Volatility for LINK / USD on the 4-hour chart is also high, with the upper band present at $ 20.3 representing resistance, and the lower band present at $ 17, while the average average of the indicator is present at $ 18 representing support. for LINK. . The RSI shows a downward turn here as the selling pressure is there and the indicator points to the selling activity in the market.

Chainlink Price Analysis Conclusion

Chainlink’s price analysis suggests that LINK performed better today as it is still trading positive so far. If the market as a whole starts to rebound, then there is an imminent chance that the bulls will regain their momentum from where they started today. On the other hand, if the selling pressure continues, LINK may drop to the $ 17 range.

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Chainlink Price Analysis: Bears Intervene When LINK Hits $ 19, Is A Downtrend Looming?

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