Chainlink price analysis: LINK rejected further downside below $13.6. Has the recovery started?

TL;DR Breakdown

• Chainlink price analysis is bullish.
• Resistance for LINK is present at $15.2.
• Support for LINK is present at $13.

The Chainlink price analysis is bullish today, as the coin has rejected further downside below $13.6. An increase in price has been observed again today; though the price went down sharply during the past week, during the last three days, some balance has been observed in maintaining the price levels at large as the coin’s price has been maintained at $13 range. As the price function is headed upwards today, Next, resistance for LINK/USD is present at $14.1, followed by the resistance of $15.2, which is the level from where LINK/USD fell on 11th April.

LINK/USD 1-day price chart: Bears yet dominating the larger trend

The 1-day price chart for Chainlink price analysis shows an improvement in price today as bulls are trying to recover the losses of the past week and have improved the price of LINK/USD to $13.89 at the time of writing. LINK/USD still shows a loss in value of around 1.93 percent during the last 24 hours and reports a loss of around 11.34 percent value over the course of the last seven days. Trading volume is also up by 18.97 percent resulting in the market dominance of 0.35 percent.

The volatility is increasing for the crypto pair as the Bollinger bands show expansion from 27th September, but from 10th April, more divergence could be seen on the lower band, which indicates the major trend is still under the bearish influence. The price is trading near the lower band, which represents support at $13, whereas the mean average of the Bollinger bands at $15.9 represents resistance for the LINK/USD.

The relative strength index (RSI) is on an upwards curve in the lower half of the neutral zone and is currently present at index 39. The indicator is still in the neutral range, but the score is on the lower side despite today’s buying activity.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows price has been continuously on the increase for 12 hours, as the recovery started yesterday and accelerated at the start of today’s trading session, but selling pressure has also been created, and the last candlestick is red which hints at another correction.

The volatility is low as the Bollinger bands show a narrow channel shape on the 4-hour charts. After narrowing down on 12th April, the Bollinger bands formed a narrow channel as the price fluctuations were minimal up till 14th April. The RSI has also taken a horizontal line and is present at index 42 in th neutral zone. The straight-line movement of the indicator hints at a lack of momentum from the bullish side.

Chainlink price analysis conclusion

The Chainlink price analysis reveals the price movement is in a bullish direction today, but technical indications support the bearish trend at large. It is safe to conclude that the price may keep improving for the day, but if the selling pressure overwhelms, then today’s bullish price action can also reverse.

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