Chainlink price analysis: LINK continues to descend as the price reduces to the $16 range

TL;DR Breakdown

• Chainlink price analysis is bearish.
• Resistance for LINK is present at $16.9.
• Support for LINK is present at $15.3.

The Chainlink price analysis is bearish for today as the coin is at a downslide after peaking at $18. The bearish pressure is increasing, which has brought down the price to the $16 range today. The price function is constantly under stress by the bearish side, as the price levels are continuously decreasing from the start of the trading session. The previous bullish wave was only able to recover the price level to $18 as the highest point, and the bearish impulse returned back from the 4th of April.

A further decrease in price can be expected in the upcoming hours as the bears are in a dominant position today as well. However, support is present at $16, followed by another strong support present at $15.3.

LINK/USD 1-day price chart: Bears continue affecting the price function

The 1-day Chainlink price analysis shows price levels are descending at a high pace. The bearish momentum is on the go as the price action is downwards. Though last week has proved good for the cryptocurrency with a price uptrend, the trend changed three days earlier, and bears took over, and the coin is going through a strong correction as the price has stepped down to $16.19 at the time of writing reporting 4.84 percent loss in value during the last 24 hours. The price is going down, but the trading volume has increased by 3.71 percent, which is not a big difference but something on the positive side.

The moving average (MA) is quite above the price level at the $17.1 mark. The volatility is also high, with the upper limit of the Bollinger bands at the $18.2 mark and the lower band is at the $14.3 mark. The average of Bollinger bands is at the $16.3 mark above the price level. The relative strength index (RSI) is going downwards but is at the center of the neutral zone at index 50, hinting at the selling activity in the market.

Chainlink price analysis: Recent developments and further technical indications

The hourly charts for Chainlink price analysis show some traces of bullish activity during the day as well. As can be seen in the 4-hour price chart, the price levels have been decreasing, but support also appeared, which is indicated by the green candlesticks, but the supports could not last long and were soon taken over by the bears. However, the price function is headed upwards again right now. The moving average (MA) is still above the price level at the $16.7 level. On the other hand, the SMA 50 is trading above the SMA 20 curve, which is a bearish sign.

The volatility is increasing on the 4-hour chart as the Bolling bands are expanding vastly, with the upper Bollinger band at the $18.4 mark and the lower band at the $16.1 mark. The average of Bollinger bands is forming at the $17.2 mark, which is above the moving average. The RSI has come further down and is hovering at index 33 near the underbought zone.

Chainlink price analysis conclusion

The Chainlink price analysis indicates an unfavorable situation for the crypto asset. The LINK/USD pair is continuing to descend today, and the coin has lost significant value during the last few days, showing a bad situation for the buyers. A further decline in LINK price can also be expected, but the hopeful sign is the upwards price movement in the last few hours.

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