LINK/USD bleeds towards $11.62 amid the crypto crash

TL;DR Breakdown

• Chainlink price analysis shows a uptrend for Chainlink prices
• Chainlink price breaks previous support of $13.18, sinks towards$11.62 before rising to $14
• Current Support at $14.07 has also been broken higher resistances

Cryptocurrencies price heatmap, source: Coin360

Chainlink price analysis indicates a significant rise in the hourly price. Yesterday, Chainlink price depreciated to lows of $11.62, among the poorest performers of the day with Cardano. The decline in LINK/USD pair has been attributed to the downtrend observed in the overall digital assets in the market that is experiencing a bloodbath as evident in the cryptocurrency prices heatmap.

Chainlink prices are suspected to rise further if the current trend line continues. However, some analysts believe that the current lows present a buying opportunity. Chainlink price has been bearish in the last few days, it seems to deteriorate further.

At the time of writing, Chainlink is ranked 23rd in the entire crypto market. Chainlink is dominating 0.35 percent of the entire digital assets market, shedding 16.57 percent of its price. Chainlink has been hovering in a range of $13.69 to $14.58 with support tested at $11.69. An increase of 41.66 percent in trading volume has however totaled to $993,031,577.96.The overall sentiment of today’s market is bearish, with most coins in red. The most probable scenario is that LINK will continue to rise and will break above the $15.69 support level 

LINK/USD 1-day price movement: Chainlink price likely to remain bullish in the next 24 hours

The 1-day price movement for LINK/USD pair indicates a further uptrend as there is high buying pressure. The lower band in the Bollinger band is approaching the support level of $11.69. The RSI indicator has been indicating oversold conditions for a while now and shows no signs of reversing direction. The MACD shows a slight uptrend in the market with the signal line below the histogram. The RSI has been oscillating around 30, which is indicative of a bearish market. The Stochastic has been indicating oversold conditions and is currently pointing down.

LINK/USD 1-day price chart, source: TradingView

The market is currently in a neutral zone with very low support according to Chainlink price analysis. A break below the $11.69 level could see LINK/USD prices decline to the $10 region. The most probable scenario is that LINK will continue to rise and will break above beyond the $15.69 support level.

Chainlink price movement in the 4-hour price analysis: LINK/USD oscillates around $14.50

On the 4-hour chart in Chainlink price analysis, the LINK/USD pair is in a sideways trend. The support region of $11.69 has been tested a few times, but it has not been breached yet. The RSI indicator is indicating oversold conditions and is slowly trending upwards. The MACD is in a bullish crossover and the signal line is above the histogram. The Stochastic has been indicating oversold conditions for a while now and is currently pointing up.

LINK/USD 4-hour price chart, source: TradingView

The market appears to be in a sideways trend with support at $11.69 as per Chainlink price analysis. A break below the support level could see LINK/USD prices decline to the $10 region. The market is likely to recover from oversold conditions and could see a bullish breakout. The Bollinger bands are slowly contracting to show the decrease in market volatility. 

Chainlink price analysis conclusion

Chainlink price analysis indicates a bearish trend. We can conclude that the bears are controlling LINK/USD prices and seem to drag the prices lower. The support of $11.69 will be breached soon. However, the market may recover from oversold conditions and see a bullish breakout.

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