Chainlink price analysis: LINK loses $15 demand zone and faces battle to stay above $13 support

TL;DR Breakdown

• Chainlink price analysis shows price went down another 3 percent during the day’s trade
• Price moved as low as $13.18 after losing the $15 demand zone
• Trading volume rose 9 percent while market cap dropped by 3 percent over the last 24 hours

Chainlink price analysis continues to show bearish signs today, with price declining more than 3 percent over the last 24 hours to go as low as $13.18. LINK lost the crucial demand zone at $15.14 late on yesterday, which initiated further sell offs. Trading volume for Chainlink rose more than 9 percent to provide further bearish indication at current trend, while the token lost 3 percent in market capitalisation. Over the next 24 hours, LINK will have to stay above the $13 support in order to consolidate towards the simple moving average at $15.

The larger cryptocurrency market recorded continued losses over the day’s trade, as Bitcoin stayed below $38,000 and Ethereum at $2,600. Among Altcoins, Ripple lost 6 percent to move to $0.709, whereas Cardano and Dogecoin dropped 3 and 2 percent, respectively. Solana, Polkadot and Litecoin also recorded slight losses, while the only positive movement was made by Luna, gaining 3 percent to move up to $53.211.

Chainlink price analysis: 24-hour chart shows positive signs to form upturn at $14

The 24-hour candlestick chart for Chainlink price analysis provides an encouraging outlook for price forming an upturn at current trend. After dropping below $15 for a second time in a week, LINK lost significant buyer interest shown by the depleting 24-hour relative strength index. Price has also become subject to stagnancy in the market, indicated by the rectangular pattern developing over the 24-hour chart. However, an upturn may push price above $15 once again over the next 24 hours and it remains to be seen it LINK can hold above it.

The current RSI sits at 37.24, but looks to be on the up as price approaches the 25-day exponential moving average (EMA) at $15.11. The moving average convergence divergence (MACD) sits just below the neutral zone and could move upwards over the day’s trade. Price is expected to test the $15 demand zone once again over the next 24 hours.

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