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Chainlink price analysis: LINK undergoes sharp decline after topping $29.89 resistance


TL;DR Breakdown

  • Chainlink price went up to $33.84, only to drop back down as sellers took out profits
  • Price set below $29.89 resistance after falling more than 8 percent
  • Seller action dominating the market with 41.74 percent rise in trading volume

Chainlink price analysis for the day shows the token undergoing a distinct decline after yesterday’s rise past its resistance point of $29.89. Price went as high as $33.84 yesterday, before sellers came into the market to take out profits. Currently, price sits at $29.79, dropping more than 8 percent since yesterday. Trading volume can be seen rising more than 41 percent, suggesting that majority action in the market is governed by sellers.

Chainlink‘s price action follows that of the larger cryptocurrency market, that was dominated by dips for all major tokens. Bitcoin fell around 6 percent to drop below $59,000. Ethereum also dropped down to $4,000 after a 5 percent decline, while all major Altcoins fell into the reds. Cardano fell 10 percent, Ripple 9, and Dogecoin declined a massive 15 percent over the day’s trade. The only positive movement was shown by Shiba Inu, upping over 22 percent to sit at $0.000052.

Chainlink price analysis: LINK undergoes sharp decline after topping $29.89 resistance 1
Chainlink price analysis: Cryptocurrency heat map. Source: Coin360

LINK/USD 24-hour chart: Price falls below crucial EMAs

On the 24-hour chart for Chainlink price analysis, price can be seen falling below the crucial 20,50 and 100-day Exponential Moving Averages (EMAs), showing the losses incurred over the last 24 hours. Price jumped up to $33.79 yesterday to take the Relative Strength Index (RSI) up to 66.44, before checking back with RSI dropping to 54.05. Price is expected to continue descent over the next 24 hours, touching the $28.12 support floor.

Chainlink price analysis: LINK undergoes sharp decline after topping $29.89 resistance 2
Chainlink price analysis: 24-hour chart. Source: Trading View

LINK/USD 4-hour chart: Massive dips incurred as price falls as low as $27.95

On the 4-hour chart, worrying signs can be seen on the price chart. Price dropped from today’s high of $32.92 to a low of $27.95 over the past trading sessions, taking momentum well away from the crucial EMAs. The RSI value now shows a meagre value of 41.68, suggesting there is little to none buyer interest in LINK at the moment. The Moving Average Convergence Divergence (MACD) curve has also shipped past the neutral zone and sits well away from it at the 0.00 mark.

Chainlink price analysis: LINK undergoes sharp decline after topping $29.89 resistance 3
Chainlink price analysis: 24-hour chart. Source: Trading View

Chainlink price analysis: Conclusion

According to majority technical indicators, it can be confirmed that LINK is now undergoing a slump, where price has receded below crucial EMAs and looks set to test the support floors. After a significant rise yesterday, the token has been dominated by seller actions in taking out profits over the last 24 hours and could go as low as $27.12 if the descent continues. The overall cryptocurrency market also continues to crash, and any potential increments for Chainlink would hinder on market recovery.

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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