Chainlink price analysis: Bearish momentum degrades LINK down up to the $12.9 level

TL;DR Breakdown

• Chainlink price analysis is bearish today.
• Support for LINK is present at $12.
• Resistance for coin price is found at $13.3.

The Chainlink price analysis shows the Bears have made a comeback today, as again a decrease in LINK price has been observed. The price breakup was downwards at the start of today’s session, and the bears are gaining strength over time as the price is continuously declining. As bears have regained control over the price function and reversed the recovery process initiated by bulls earlier yesterday, the price has decreased down to $12.9 after today’s downshift. However, the next support is present at $12 for the LINK.

LINK/USD 1-day price chart: Price steps down to $12 range

The 1-day price analysis for Chainlink price analysis predicts a decrease in the coin’s price. The bearish pressure has outpowered the bulls completely as they are trying to strengthen their position to control the price function. The LINK/USD price is on the lower side from yesterday and is present at $12.9 as of now. However, the losses are small but have turned the trend in favor of bears.

The volatility is mild as the Bollinger bands show no further changes, with the upper band at the $15.5 mark representing the strongest resistance and the lower band at the $12 mark representing the support, with the mean average forming at the $13.1 mark, above the price level.

The relative strength index (RSI) is in the lower half of the neutral zone but shows movement downwards due to the selling pressure. The indicator is trading at index 41, which though neutral, the score is towards the lower side.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows the price has been continuously decreasing since the start of the trading session and has reached down to $12.9, as selling pressure exists above the current price level, and yet bulls haven’t shown any presence today, as all the hourly candlesticks are red for today.

The Bollinger bands are indicating a decreased volatility, as the loss is still on the lower side. The average mean line of the Bollinger bands is present above the price level and the SMA 20 on the 4-hour chart. The upper band of the indicator is present at the $13.5 mark, and the lower band at the $12.7 mark. The RSI is still neutral and is present at index 45, but the curve is slightly downwards, hinting at the selling activity in the market.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests the bears have overwhelmed the bulls and have decreased the price level to $12.9. Bulls haven’t shown any resistance yet, and currently, the price function is under bearish pressure. We expect LINK/USD to continue downside for the next 16 hours.

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