Chainlink price analysis: LINK declines from $23.7 as bears command the markets

TL;DR Breakdown

• Chainlink price analysis is bearish today.
• Support for LINK is present at $22.9.
• Resistance is found at $24.5.

The Chainlink price analysis is bearish as the coin declined from $23.7 after covering the range upwards for three days. The crypto pair gained significant value during the last few days, managing to mark a higher high yesterday on 3rd January at $23.7. But the bearish pressure returned today when the coin was refused from further upside above $23.7; a decrease in price value has been observed today as the price came down to $23.5.

LINK/USD 1-day price chart: volatility increasing again

The 1-day Chainlink price analysis shows the coin price went above the $22.9 resistance yesterday and is still above the said resistance despite the bearish trend prevailing today. LINK/USD is trading hands at $23.5 at the time of writing and has traded in a range of $23.8 to $22.8 today. The LINK/USD pair reports an increase in value by 6.70 percent during the last 24 hours and also an increase of 6.80 percent over the past week, as yesterday a significant improvement in price value was seen. The trading volume has also increased by 52.75 percent, and the market cap also increased by 7.64 percent over the last 24 hours, providing a market dominance of 0.48 percent for LINK.

The volatility is increasing again, with the upper band at $24 representing resistance and the lower band is at the $17 mark representing the strongest support for LINK. The average of Bollinger bands is present at $20.7. The moving average (MA) is present at $21.3 below the price level. The relative strength index (RSI) improved significantly up till yesterday due to good buying activity, but the indicator took a downturn today as bears returned, and the indicator went on a downslope, currently trading at index 57, indicating the bearish pressure.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows the selling pressure kicked in at the start of the trading session, and the price declined to $23.08 during the first four hours. But after that, bullish activity was also observed as the price was elevated back up to $23.5, But market pressure is again building up as a red candlestick is forming again. However, the bullish impulse is also there, as was observed a few hours back.

The volatility is quite high on the 4-hour chart as the Bollinger bands are expanded. The upper band is at $24.1, representing the strongest resistance for LINK, and the lower band is at the $19 mark, representing support for LINK price. The RSI curve is slightly downwards, but the curve is not steep, which hints at the presence of bullish elements as well.

Chainlink price analysis: Conclusion

The Chainlink price analysis shows the market has been bearish up till now, but LINK bulls have rejected downside below $23. The RSI curve on the 4-hour chart is also hinting at the presence of the bullish element, so a reversal in trends is also expected in the coming hours as the volatility is also high.

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