LINK/USD retraces to $15.60 as bears intervene

TL;DR Breakdown

• Chainlink price analysis is bearish
• LINK/USD retests support at $15.60
• Chainlink prices have seen resistance at $15.8

Chainlink price analysis reveals that over the past 24 hours it has seen a minor price drop of 0.81 percent as the market valuation currently stands at $15.63. The cryptocurrency had a good run-up yesterday as it surged to highs of $16.12. The uptrend was short-lived as LINK/USD has since retraced to current levels of $15.60. Bulls seem to be struggling to hold the price above $15.8 as bears are stepping in to push prices lower.

Chainlink price analysis reveals a decrease in the trading volume that is currently at $563 million a drop of 28.29 percent. Chainlink prices have been fluctuating within a sideways trend over the past three days. The 200-day moving average is acting as a strong support level as LINK/USD bounces off it on each attempt to break below. The prices have been moving between a range of $15.20 and $16.12.

Chainlink price action on a 1-day price chart: LINK/USD prices tests support at $15.60

The bearishness in the market is evident as prices are currently below the $16 level and the 20-day moving average. The Relative Strength Index indicator has fallen below the 50 levels, which is a sign that the selling pressure might continue in the near term. The lower band of the Bollinger band is headed towards the $15 level, and a break below this might see Chainlink prices retesting recent lows at $14.94.

The MACD shows decreasing bullish momentum as prices move further away from the signal line. The Chaikin Money Flow indicator is also in the negative territory, which suggests that the selling pressure is stronger than the buying pressure. Bears have countered any bullish sentiment as LINK/USD falls to $15.60. A break below this support level could see prices testing the $14.94 support level in the near future.

Chainlink price analysis on the 4-hour chart: LINK/USD prices retreat below $16

Chainlink’s 4-hour price chart shows that the cryptocurrency has seen a slight price drop of 1.11 percent as prices currently stand at $15.63. The 200-day moving average is proving to be a strong support level as LINK/USD bounces off it on each attempt to break below. Prices have been fluctuating between a range of $15.60 and $16.12 over the past day.

The RSI indicator is currently at the 50 levels, which suggests that the market is currently indecisive. The MACD shows decreasing bullish momentum as prices move further away from the signal line. The Chaikin Money Flow indicator is also in the negative territory, which suggests that the selling pressure is stronger than the buying pressure. Chainlink market volatility is decreasing as evident by the Bollinger bands narrowing.

Chainlink price analysis conclusion

Overall Chainlink price analysis is bearish as the market is currently retracing to the $15.60 support level. Bears are on the run to push prices lower as the RSI, MACD, and CMF indicators suggest. A break below $15.60 could see prices testing the $14.94 support level in the near future. However, a bullish reversal may be seen if prices break above $16.12 and the 20-day moving average.

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