Chainlink price analysis: Bearish wave continues as LINK further downgrades to $16.3

TL;DR Breakdown

• Chainlink price analysis is bearish.
• The price has been lowered down to $16.3.
• Support for LINK is present at $16.0.

The latest Chainlink price analysis shows a bearish trend as a downward price movement has been recorded today. The market has been following a bearish trend for the past few weeks, and the price has undergone a substantial decline. However, bulls recovered price up to 17.8 by progressing for three days continuously up to 30th January, but bearish pressure returned, and the price slope turned downwards again. A similar trend was observed today as well, as, despite the price breaking upwards and bulls leading the price function at the start of the trading session, the bears returned and took hold of the market in the last few hours and took the LINK/USD value down to $16.3 end.

LINK/USD 1-day price chart: Cryptocurrency value stumbles as bears advance

The one-day Chainlink price analysis is confirming a downward trend for the cryptocurrency, as the bears have been leading the price chart even today. The past few weeks have proved to be quite unfavorable for the market value of LINK/USD. Today’s trend has yet again proved to be on the negative side, as the price has decreased up to the $16.3 level. Meanwhile, the moving average (MA) value has dropped down to $16.29 as well.

The increasing volatility is indicative of future trends, and it can be predicted that more downtrends are coming ahead, along with the next support present at the $16 mark. The Bollinger Bands indicator is showing its upper value at $26.26, representing the strongest resistance, while its lower value is $11.45 representing the strongest support. The Relative Strength Index (RSI) score moved down to index 37 because of the bearish trend.

Chainlink price analysis: Recent developments and further technical indications

The price has undergone a steep loss in the past few hours, as the selling momentum is intensifying. The sellers seem to be quite active in the market as a heavy sell-off has been recorded in the last four hours, and the cryptocurrency value has decreased critically. Due to high bearish pressure, the price has decreased to $16.3, which is a worrisome sign. The price has even stepped below the lower limit of the volatility indicator after traveling below the MA value earlier, which is $17.

Although a crossover between SMA 50 and SMA 20 was recorded in the earlier hours, the last four hours were also quite discouraging for the bulls. If we discuss the Bollinger bands values, then its upper value is found to be at $17.7, and its lower value is at $16.5 above the price level, which now represents resistance for LINK. The RSI curve is showing a downwards movement, and the score has been reduced to index 43 after the recent heavy sell-off.

Chainlink price analysis conclusion

The 1-day and 4-hours Chainlink price analysis shows that the price has undergone a major decline during the last few hours. The price has dropped down to $16.3 after a heavy sell-off observed just now. Although there have been instances where the bulls tried to take on the lead earlier today, the overall control has been in the hands of the sellers now as the market has been again shaken by the bears once again.

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