TL/DR; Breakdown
- Chainlink price analysis is bearish today
- Support at $17.7 retested earlier today
- LINK/USD present resistance at $18.1
The price of Chainlink is $17.61 a bearish trend from yesterday’s price. It is 0.50 percent lower than the 24 hours ago price. Currently, LINK/USD is trading between a 24 hour high of $18.15and a 24 hour low of $17.55. Long-term price changes show that the LINK/USD has fallen in value within the last 7 days, with a total loss of 0.7613 percent. On its 21-day chart, LINK/USD price has risen in value by 3.98%.
The 7-day average directional index is pointing upwards. The 7-day average directional movement index is showing that the pair LINK/USD has been gaining momentum recently. The current market sentiment is showing that LINK/USD is currently undervalued. Today the trend is bearish again after a correction to a bullish trend that LINK/USD had adopted at the beginning of this week.
On the overlook of the other cryptocurrencies at large, market leaders Bitcoin and Ethereum have registered a bullish trend adding 2.52 and 1.57 percent from their previous prices. The bears of the day are USDC and USDT registering a decline of 0.11 percent from their previous prices in the last 2 hours.
Chainlink price movement in the last 24 hours: LINK/USD tests support at $17.7
Chainlink price analysis on 24 hours shows a firm consolidation above 17.7. Resistance at $18.17 has also been retested. LINK/USD analysis on a daily scale additionally shows that there was a strong bullish reversal candle at the support of its medium-term downward trend, which might have started the formation of an upward trend.
LINK/USD is currently trading at a total market cap of $8,298,134 dominating 0.44 percent of the crypto market. Chainlink price analysis predicts that price has currently been fluctuating in the past few days and bears are favored according to today’s analysis. The moving average line is below the 17.77 level the support.
LINK/USD 4-hour chart: A possible bullish trend incoming
LINK/USD has recently moved into the oversold region on the 4-hour chart giving us an early buy signal. The pair LINK/USD has also slipped below the last important support level at $17.5 which increases confidence in a possible bullish momentum takeover. The RSI is currently testing its resistance zone, which can be used as a timing tool for potential longs.
There was also a bullish trend crossover on the RSI and MACD, which also confirms a potential upside. The Bollinger bands are wide indicating a buying pressure that will lead to a possible bullish momentum and firm market volatility. However the upper band is slanting downwards, bears are struggling to maintain the bull’s pressure as they are trying to recover the market.
Chainlink price analysis conclusion
According to today’s Chainlink price analysis, the momentum is bearish. Chainlink’s daily chart shows a recovery in the market as bulls are trying to maintain the bear pressures hence registering fluctuating prices.
The green candlesticks are indicating an upcoming strong buying pressure. Chainlink price analysis shows the price is expected to pick upward in the next few hours as support has been retested at $17.77 according to yesterday’s price analysis.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-02-07/