Chainlink price analysis: Bears arrest LINK/USD rise to push it below $27

Chainlink price analysis Bears draw out LINKUSD from Bullish uptrend to meet $27

TL;DR Breakdown

  • Bearish momentum has tried to make a comeback today.
  • The Chainlink price analysis shows bears have lowered the coin value to $26.63.
  • Support remains strong at $25 in the recent updates.

The Chainlink price analysis is going in the bearish direction for today. The past few hours had seen a major rise in the price as the bulls were aiming to break past the resistance at $26.65.

LINK/USD 1-day price chart: Bullish momentum weakens further

The 1-day LINK/USD price chart is showing a strong bullish momentum today, and the price has increased considerably to $27. During the past week, the price chart had been dominated by red candlesticks, as the bears were constantly causing the price to decrease.

Yet, today the bulls have made a slight recovery as the price has gone even beyond the Moving Average (MA) value as well i.e. $26.1.

LINK/USD 1-day price chart. Source: TradingView

The volatility has increased slightly as well which can be taken as a negative hint for the future. Meanwhile, if we talk about the Bollinger’s band indicators, then the upper band is at $28.19 and the lower band is at $24.15. The Relative Strength Index (RSI) score is also on the lose, and it has increased to 55 in the 1-day price chart.

Chainlink price analysis: Bears eradicate chances of price floating above $26

The 4-hours Chainlink price analysis is detecting a sudden drop in price today, after a continual bullish lead. The bearish momentum has been minimal, yet it has been able to dodge past the upgrading bullish momentum.

The price has decreased to the level of $27, which is still significantly higher than the moving average (MA) value i.e. $26. On the other hand, the volatility is gradually increasing which can be taken as a relatively negative sign for the future.

Chainlink price analysis: Bears arrest LINK/USD rise to push it below $27 2
LINK/USD 4-hours price chart. Source: TradingView

The Bollinger bands are resting at an average of $26, whereas its upper band is present at the $27 value and the lower band is at $25 of value. The RSI score is relatively high because of the bullish uptrend previously and is present at 58.

Chainlink price analysis: Bears arrest LINK/USD rise to push it below $27 3
LINK/USD technical indicators chart. Source: TradingView

The above LINK/USD technical indicators chart is going slightly bullish, as a result of the strong pressure from the buyers’ side today. The overall trend is bullish, which is why there are 15 indicators at the buying position, eight at the neutral, and three at the selling position.

The moving averages indicator is going strongly in the favor of the buyers, as the general trends have been favorable for the bulls. The past week has seen commendable recovery, which is why there are 12 indicators at the buying point, two at the selling, and only one at the neutral point. The oscillators are also showing similar results, as there are three indicators at the buying side, seven at neutral, and the remainder one at the selling side.

Chainlink price analysis conclusion

The following 1-day and 4-hours Chainlink price analysis is indicating a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency.

The bears are struggling to maintain a high momentum, and have succeeded in causing a decline in the price to $27. Yet, as the bullish momentum in the past week had been quite strong, it can be expected that it might bounce back to take the price above $28 resistance.

Disclaimer. The information provided is not trading advice. 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.

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