LINK prices decline by 1.50 percent as bears come in

TL;DR Breakdown

• Chainlink price analysis is bearish
• LINK prices are facing resistance at $18.2
• LINK/USD current support is found at 16.5

Chainlink price analysis has seen LINK prices trading on intraday lows of $17.27 and has since bounced back up to $17.8. The LINK/USD pair is currently down by 1.50% at the time of writing. Chainlink prices are facing resistance at $18.2 as indicated by the 4-hour MACD. The current support for LINK/USD is found at 16.5. A break below this support could see LINK prices dropping to $15.

Chainlink prices have been hovering around a range of $17.2 and $18.29 in the last 24 hours. The present sell-off in LINK prices could be attributed to the overall market sentiment and lack of bullish momentum in the crypto market. The trading volume is currently totaling $661,873,605.83 while it dominates 0.38 percent of the overall digital assets. Chainlink prices are likely to decline further if the bears continue to dominate the market sentiment.

Chainlink price analysis on a 1-day price chart: LINK moves within a bearish channel

The 1-day price chart for LINK shows that the bears have been in control of the market sentiment over the last few days. The LINK/USD pair has been moving within a bearish channel with support at $16.5 and resistance at $18.2. A break below the support could see LINK prices dropping to $15. On the other hand, a break above the resistance could see LINK prices reaching $20.

The RSI line is headed downwards and currently residing at $40. This suggests that the bears are in control of the market sentiment and that a further decline in LINK prices is likely. There is a possible head and shoulders formation developing in the 1-day price chart for LINK. The neckline is found at $18.2 and the target price for the breakdown would be $15.The MACD line is however indicating a possible bullish divergence in the LINK/USD pair. This could see a reversal in the trend and an increase in LINK prices. The market volatility is declining as the Bollinger bands are seen to be slowly converging. This could suggest a possible breakout in either direction.

Chainlink price analysis on a 4-hour price chart: LINK faces resistance at $18.2

The 4-hour price chart for LINK shows that the LINK/USD pair is facing resistance at $18.2. The pair has been unable to break above this resistance level and is currently down by 1.50%. The RSI line is indicating that the bears are in control of the market sentiment and a further decline in LINK prices is likely. The MACD is crossing the signal line and is indicating a possible bullish divergence in the LINK/USD pair. This could see a reversal in the trend and an increase in LINK prices.

The Bollinger bands are indicating a decrease in market volatility and this could suggest a breakout in either direction. The SMA lines are crossed and this could suggest that the trend is changing with the 50-day SMA line being above the 200-day SMA line.

Chainlink prices analysis conclusion

The Chainlink price analysis for today shows the bears have the upper hand as they are trying to drag LINK prices below the $16.5 support level. The current resistance for LINK/USD is at $18.2 and a break above this could see prices reaching $20. There is a possible head and shoulders formation developing in the 1-day price chart which has a neckline at $18.2 and a target price of $15 for the breakdown. The MACD line is however indicating a possible bullish divergence which could see a reversal in the trend and an increase in LINK prices.

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