Chainlink price analysis: LINK drops to $13.8 as bears outplay the bulls

TL;DR Breakdown

• Chainlink price analysis is bearish.
• Resistance for LINK is present at $14.6.
• Support for LINK is present at $13.4.

The Chainlink price analysis is bearish for today. The LINK/USD was on recovery yesterday as the bulls were trying to uplift the price, but they lacked the required momentum, as bulls were unable to take the price to the $15.1 level, which is the level where the last major crash was observed. Today LINK is covering the range downwards again, and the price has reduced to $13.8 as the market is under pressure, but on the other hand, the decrease in price level is also smaller, and yet the coin hasn’t gone through any major loss, but the price is trading in the lower price envelope.

LINK/USD 1-day price chart: Selling pressure returns taking the price levels down

The 24 hours Chainlink price analysis shows a decline in price today after the zigzag price action of the last few days when bulls and bears changed positions continuously for dominance. Today the price level has decreased up to $13.8, but the coin, after losing some value, is still at a profit of 4.6 percent in value for the last 24 hours due to yesterday’s bullish price activity. But on the other hand, the crypto pair value has dropped by 1.17 percent over the past week. Further decrease in price is also expected in the coming hours if the selling pressure continues.

The Bollinger bands are expanding, with the upper band present at the $18.2 mark representing the strongest resistance and the lower band present at the $12.3 mark representing the strongest support. The average of Bollinger bands is forming at the $15.3 level above the current price. The moving average (MA) is at the $13.9 mark, slightly above the price level, and the relative strength index (RSI) is on a downslope in the lower half of the neutral zone and is trading at index 40, indicating the selling pressure over LINK in the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows bears are in control from the start of the day, but efforts from the bullish side also emerged late at night. However, bulls lacked the momentum and were rejected by bears as another red candlestick is marking bearish dominance again for the last four hours of trading as well, indicating further decline in the price level. The price has been recorded to be on a decreasing trend in the last few hours as well, and a further decline in price value is highly expected.

The volatility is on the lower side on the 4-hour chart as the Bollinger bands suggest no major change, and their values are as follows; the upper band is at the $14.6 mark, and the lower band is at the $13. mark, while the indicator is making the mean average line at the $13.9 mark above the price level.

The relative strength index (RSI) has also been hovering at almost the same level and is trading at index 48; though still in the neutral range, it shows the lack of momentum from bears and bulls.

As the cryptocurrency’s price is in the lower price envelope and selling pressure is also there in the market. This is why most of the technical indicators available for Chainlink price analysis are also giving bearish signals. We can see 15 indicators standing on the selling mark, 10 indicators on the neutral, and only one indicator on the buying mark, thus; favoring the bearish side as a whole.

Chainlink price analysis conclusion

The 1-day and 4-hours Chainlink price analysis indicates bearish signs for the cryptocurrency as overall, the broader crypto market is showing negative sentiment today. LINK/USD is in the correction again after the nominal recovery of yesterday, and it is expected that the coin will continue downside for the next few hours, but the deficit in price is also expected to be on the lower side.

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