Chainlink price analysis: Sharp fall in LINK price to $26.8 – Bulls await correction
3 min readTL;DR Breakdown
- Price levels of Chainlink falling rapidly according to today’s chart.
- Chainlink is stuck at a resistance of $26.77.
- Support is for Chainlink is at $24.4 currently.
The latest Chainlink price analysis is going towards a bearish direction, with a resistance of $26.773. The bears are ruling the market at the time of writing and a further decline in the Chainlink price is expected. There have been instances in the past few hours where bulls have tried to make a comeback but failed. The bears continue to be in lead and making efforts to take the price below $26.799.
Bears at supremacy in the 4-hours chart
In the hourly candlestick chart showing Chainlink price analysis, red candlesticks seem to overpower the rest. The current Chainlink price level is found at $26.773, which may continue to recede even further. Cryptocurrency is facing strong resistance at $26.22 according to the latest updates. The moving average is an important indicator which is indicating a strong selling trend, with a value of $26.93.
The Bollinger bands are depicting a relatively increased volatility in the favor of bears. The upper band of the Bollinger bands is resting at a value of $28.06 and the lower band is present at $24.8, as yet. While the RSI number is set at 56.99 which is notably neutral and may rise if the buyers purchase more Chainlink assets.
Daily Chainlink price analysis displays bearish tendencies
According to the daily Chainlink price analysis chart, the bulls and bears continue to parallel each other as the chart shows continuous rise and fall in price. The past week has retraces of bullish trends yet today’s report is in the support of bears. The price level is at $26.799 with a support level approaching $14.00. The Bollinger bands are at $23.23 of an average to be accurate, with the upper layer at $28.25 and the lower layer being at $18.20.
Nonetheless, there is a high chance that the market will be approached by more and more buyers as the RSI score is 66.41 and may jump even higher. The moving average is $25.095 and the short time trending line is also going upwards, hinting at future bullish control.
The indicators today are predicting equal probabilities for bulls and bears to rise. Yet, the summary of the indicators is telling us the five indicators are sellers, eight are neutral and a total number of thirteen are buyers. While if we talk about the moving averages, they are towards the buyers’ side as there are 12 under the buy category, one under neutral and two under the sell.
The market is being addressed by both parties and the Chainlink price analysis is showing a decline. The oscillators play an important role in determining the latest market movements, and they are displaying the following figures; seven oscillators at the neutral post, three at selling while the remaining one is at buying post.
Conclusion
The current Chainlink price analysis chart is in the favour of bearish side as per the analysis above. Red candlesticks continue to show a greater number as seen from the hourly and daily charts available above. The price level remains to be at $26.8 which may arise if the circumstances turn favourable for cryptocurrency. If the support maintains its value at $18.20 then the price may jump above. Likewise, the resistance levels currently set at $28.25 may increase if the bulls take over the market in the near future.
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.
