Bearish trend continues as LINK prices near $15.24 support

TL;DR Breakdown

• Chainlink price analysis shows a bearish trend
• Support for LINK prices is present at $15.24
• LINK prices have declined by 5.44 percent

Chainlink price analysis shows a continued downtrend for LINK prices as they sink towards lows of $15.66.LINK/USD prices have shed a significant value of 5.44 percent from their previous price of $16.32. Despite the bearish market sentiment, Chainlink has managed to remain above the $15.24 support level. Chainlink prices have been on a downtrend for the last few days, with a slight rebound on March 28. The LINK/USD pair is currently trading at $15.66 after opening the day at $16.17 and trading lowest at $15.24.

Chainlink’s trading volume has declined but is still above average whereby it is currently sitting at $628,967,018.12 while the market capitalization has declined by 5.57 percent. Chainlink’s downfall may be attributed to the recent market crash which has affected the entire cryptocurrency market. The overall market capitalization has declined by over $1 trillion in the last week as Bitcoin prices fell below $47000.

Chainlink price action on a 1-day price chart: Bearish spell sinks LINK prices to lows of $15.64

Looking at the 1-day price chart, LINK prices have been on a downtrend for the past few days as it trades in lower lows and lower highs. The trendline has been respected as prices make their way towards the $15.24 support area. The Relative Strength Index(RSI) is currently at 47.29 after bouncing off the oversold zone, this may signal that LINK prices have found some support at this level and may see some consolidation around these levels.

The moving average convergence divergence(MACD) indicator shows that the bearish trend is still in play as the MACD line (blue) moves below the signal line. The SMA 200 indicator has provided support for the LINK/USD pair as prices rebounded off this level.LINK market volatility is currently increasing despite the decline in the overall market as the Bollinger bands are diverging. Prices may continue to decline if the $15.24 support level is breached.

Chainlink price action on a 4-hour price: Bears take control as LINK prices decline below $15.66

The 4-hour price chart for LINK/USD shows that the bearish trend is still in play as prices have declined by 5.44 percent from their opening price today.LINK prices have respected the descending channel as it trades towards the $15.66 support area. The RSI indicator has declined to 42.51 as prices move towards the oversold region while the MACD line is still moving below the signal line. The SMA 200 indicator has provided support for LINK prices as it rebounded off this level. Volatility is currently on the rise as Bollinger bands begin to diverge.

Chainlink price analysis conclusion

Chainlink price analysis shows that the bearish trend is still in play despite the recent rebound in prices. The $15.24 support level is currently being tested as LINK prices move towards the oversold region. Prices may continue to decline if this support level is breached as the market sentiment remains bearish.

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