Chainlink price analysis: LINK breaks below $23.9 as correction looms

TL;DR Breakdown

  • Chainlink price analysis is on the bearish side.
  • LINK is correcting below $23.9.
  • Strong support is present at $22.7.

Chainlink price analysis is showing bearish signs again as the price breaks below yesterday’s closing level. The LINK/USD pair price dropped to $23.7 at the time of writing due to the selling activity taking place in the market, supporting the bearish comeback.

The bears are again ruling the charts by diverting the price function after two days of bullish momentum. The price has declined, almost making a deficit of around two percent during the last 24 hours.

LINK/USD 1-day price chart: Downturn continues as trading volume goes down by 23 percent

The 1-day price chart for Chainlink price analysis shows the trend for today is largely bearish, as the price has gone down considerably. The price has stepped down to $23.7 level, as today the charts have been ruled by the bears.

Chainlink price analysis: LINK breaks below $23.9 as correction looms 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is increasing for the LINK/USD pair as the Bollinger bands are widening up, with the upper band at the $31 mark and the lower band is at the $19.9 mark; the average of the Bollinger bands is found above the price level at the $25.7 mark. The increasing volatility suggests larger deviations in price might come ahead in the coming days.

The relative strength index (RSI) is in the lower half of the neutral zone, though still neutral but on a slight downslope at 45 index, the indicator shows a selling pressure present in the market.

The MACD is currently bearish, as can be noted from the red color of the histogram. The indicator has remained bearish since 8th September, but the light color of the histogram shows decreasing bearish trend but still exhibits seller dominance in the LINK/USD market.

Chainlink price analysis: The correction continues

The 4-hour price chart for Chainlink price analysis shows the price continuously going down since the start of today’s session, and yet no attempts of recovery from the bullish side have been observed. But the present volatility might provide some grounds for the bullish move.

Chainlink price analysis: LINK breaks below $23.9 as correction looms 2
LINK/USD 4-hours price chart. Source: TradingView

Slow but gradually, the Bollinger bands are widening, showing the increasing volatility, which is yet mild. The upper Bollinger band is at the $24 mark, and the lower band is at the $22 mark. Though the bands show a narrow channel for price function, the mean line is at $23.3 below the price level, suggesting still there exists a chance for a bullish comeback. The relative strength index (RSI) has also moved in the upper half of the neutral zone in recent hours and is found at the 50 index.

The moving average (MA) can be seen moving upwards towards the price level and almost crossing it up, marking a bearish crossover. The short-term MA10, MA20, and MA30 all favor the bearish side. The exponential moving averages EMA10, EMA20, and EMA30, also favor the bearish side of the market.

Among oscillators, only the Momentum oscillator indicator favors the bullish side, whereas all other oscillators are neutral except the MACD, which is on the bearish side, as discussed previously.

Chainlink price analysis: Conclusion

The 4-hour and 24-hour Chainlink price analysis and technical indications show a bearish trend for today as the price has come down to $23.7. But the hovering of moving average below the price level on 1-day charts and a slight increase in volatility still show some prospects for the LINK/USD pair. As the support is quite strong and RSI is still at an acceptable level, there exist chances for LINK/USD to recover back to $24.3.

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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