LINK/USD to decline further in the next 24 hours

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

In the last 24 hours, Chainlink price analysis shows that the price range is between $17.2 and $18.29. The recent sell-off in LINK prices might be attributed to a general market pessimism and a lack of bullish momentum in the cryptocurrency market. The current trading volume is approximately $661,873,605.83, with the dominant pair being LINK/BTC at 57.27%.

The market sentiment seems to be bearish as the MACD (moving average convergence divergence) line is dipping below the signal line, indicating a sell-off. The relative strength index (RSI) is also in the oversold region, suggesting that the LINK prices might rebound soon.

The immediate support is found at $16.5 and if the bears break this support, the next stop could be $14.8. On the other hand, if the bulls can manage to push prices above $18.2, then a rally towards $21 is likely.

Chainlink price movement in the last: LINK moves within a bearish channel

The bulls have not been in control of the market sentiment in recent days, as the 1-day price chart for LINK demonstrates. The LINK/USD pair has been moving within a bearish channel, with supports at $16.5 and resistance at $18.2. If the support is broken, LINK prices might plummet to $15; if the resistance is broken, LINK could surge to $21.

LINK/USD 1-day price chart, source: TradingView

The RSI indicator is in the oversold region and the MACD line is dipping below the signal line, both of which suggest that a rebound could be imminent. However, further confirmation is required before taking any trade positions.

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 indicates that the bears control 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 growing, suggesting that volatility in the LINK/USD pair is increasing. If the resistance at $18.2 is broken, LINK prices could surge dramatically.

LINK/USD 4-hours price chart, source: TradingView

Chainlink prices analysis conclusion

In conclusion, the current market sentiment for Chainlink is bearish, with resistances at $18.2 and support at $16.5. The RSI is in the oversold region and the MACD line is dipping below the signal line, both of which suggest that a rebound could be imminent. However, further confirmation is required before taking any trade positions.

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.