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Chainlink price analysis: LINK drops to $27.82 amid bearish takeover

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TL;DR Breakdown

  • Bullish momentum is gradually increasing for cryptocurrency, per the Chainlink price analysis.
  • The loss has been great as the price has fallen to $27.82.
  • Strong support has been detected at $25.73, today.

The Chainlink price analysis is showing a vital decline in the bullish momentum, and the bears are standing high. The price has dropped to $27.82 today, while the bears are still gaining further momentum. The past hours have seen a major rise in the price, with the SMA 20 crossing SMA 50 breaking the previous records as well. Yet the latest statistics have been in the favor of the bears with the resistance level resting at $29.74.

LINK/USD 1-day price chart: Bears block Bullish momentum from soaring above $28

The 1-day chart showing cryptocurrency analysis is indicating a building resistance from the side of the buyers. The past week proved highly favorable for the bulls but today, the trend has been different. The LINK/USD price value has stooped to $27.83 which has proved detrimental for Bullish progress. The volatility is decreasing for the Bullish momentum, whereas the Bollinger bands average is set at $25.86.

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

As the Bollinger bands have been narrowing down, the upper band has lowered to the $29.32 level and the lower band has increased to $22.4. The Relative Strength Index (RSI) score is also satisfactory for cryptocurrency as it is almost near 70 i.e. 62.34.

Chainlink price analysis: Bearish momentum slowly builds up against $27.82

The 4-hours price chart showing Chainlink price analysis is showing Bearish signs, with the price decreasing to $28. The volatility is decreasing which is providing us evidence that the future does not hold promising results for the Bears. The Moving Average (MA) has been $28.23, slightly above the current price level, while the Bollinger bands average is present at $27.8 value.

Chainlink price analysis: LINK drops to $27.82 amid bearish takeover 2
LINK/USD 4-hours price chart. Source: TradingView

The other values related to Bollinger bands are as follows; the upper Bollinger band is currently touching $29.74 whereas the lower band is touching $25.73 of values. The RSI score is rapidly decreasing as the purple graph shows a receding curve with a score of 51.32.

Chainlink price analysis: LINK drops to $27.82 amid bearish takeover 3
LINK/USD technical indicators chart. Source: TradingView

The dominating trend during the past days has been widely bullish, hence the buying indication on the technical indicators chart. The summary shows us a total of 13 indicators available at the buying position, ten at the neutral while 3 are available at the selling position. The Moving Averages are also going strongly Bullish, with twelve indicators on the buying side, one on neutral, and two on the selling side.

The competition has been tough for both sides today as the above chart is indicating. The Bulls are winning barely, and the general trend has been neutral as confirmed by the oscillators. There are nine oscillators present at the neutral position, one at the selling while one at the buying position.

Chainlink price analysis conclusion

From the above 1-day and 4-hours Chainlink price analysis, we can say that the sellers have been greater in number, which is why the bearish momentum has been so great. The bullish momentum has been reduced drastically, with the price levels lowering to $28 today. There is an imminent possibility of the bulls rising again if the support continues to be strong above $25.73. The volatility is also hinting at a decrease in the bearish momentum and an upturn towards the bulls is to be expected.

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.



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