Chainlink price analysis: Cryptocurrency value depreciates to $18.27 after bearish spin

TL;DR Breakdown

• Price stumbles to $18.27 after downturn.
• Chainlink price analysis shows bearish trend.
• Support for cryptocurrency is $14.36.

The latest Chainlink price analysis confirms a bearish trend for the day as the selling momentum has been continuously growing for the past 24-hours. In the past week, the market seemed to be under the influence of cryptocurrency buyers. But now, the trends are shifting as the price experienced a drop up to $18.270 during the day. This came as a huge shock for the buyers as the bulls were on their way towards achieving their next aim.

LINK/USD 1-day price chart: Bearish turn disrupts bullish rally as price draws back to $18.3

The daily Chainlink price analysis confirms a downward trend for the market as the price covered bearish movement in the past 24-hours. The buyers controlled the market in the past week as a strong bullish wave was expanding. But today, an unexpected decline was experienced by the cryptocurrency as its value moved down to $18.270 low. Still, it is way higher than its moving average (MA) value, standing at a $17.42 position.

As the area between the Bollinger bands is decreasing, the upcoming price events are much more likely to be bullish, which is encouraging news so far. Whereas if we discuss the upper and lower values of the Bollinger Bands Indicator, then the upper band shows a $19.50 value, and the lower band displays a $14.36 value. A crossover between the SMA 20 curve and the SMA 50 curve took place earlier, but for now, the bears are on top.

Chainlink price analysis: Coin value degrades to $18.28 after bearish slide

The four-hour Chainlink price analysis supports the sellers as the price experienced a massive fall in the past few hours. This is because the bears have made a comeback and are striving hard to win back their lead. The selling momentum is heightening, which is why the coin value leveled down to $18.28. Because of the sudden bearish sweep in the past four hours, the price has gone below the moving average value, i.e., $18.78.

The downward trend is expected to be extended further in the next few hours. It was moving towards the Bollinger bands indicator, which is making an average of $18.26. At the same time, its lower extreme shows a value of $19.32, and its extreme upper displays a value of $17.202. The Relative Strength Index (RSI) graph shows a bearish curve as the score just dropped down to 53.66.

The past few months proved highly unprofitable for the cryptocurrency, as overall, the bears seemed to be on the dominating edge. This is why the technical indicators chart for LINK/USD displays a bearish signal. There are 12 indicators on the selling side, eight on the neutral, whereas only six are present on the buying side.

The Moving Averages Indicator is also giving out a negative signal because of the declining trend. We can detect nine indicators resting on the selling position, five on the buying position, and one on the neutral position. The Oscillators predict a selling trend as well, and seven oscillators are sitting in a neutral position, three are in selling position, whereas only one indicator is on buying position.

Chainlink price analysis conclusion

The above one-day and four-hour Chainlink price analysis are going in favor of the bears today. The cryptocurrency faced a substantial amount of loss in the past 24-hours, as the price levels receded to $18.27. A similar trend was observed during the past few hours where the bears showed an overpowering strength.

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