Chainlink price analysis: LINK/USD down at $22 amid bearish crypto market

Chainlink price analysis: LINK/USD down at $22 amid bearish crypto market 1

TL;DR Breakdown

  • Chainlink price analysis shows LINK/USD lost 12 percent value today.
  • LINK is crashing down along with top altcoins.
  • Support is found at $21.

The Chainlink price analysis is in favor of bears today. The price went down significantly from the start of the session as the price breakout was downwards. The LINK/USD pair traded between $25.5-$22.6 today, as the downfall continues. The support is present at $21, which might go under a retest today.

The last hour proved lethal for LINK/USD, as it crashed spectacularly during this time and is trading hands at $22.6 at the time of writing. The broader crypto market crashed in the last hours with the giants Bitcoin and Ethereum, along with top altcoins, reporting significant losses, and still, the downfall continues at the time of reporting. This is the third time when the crypto market crashed in September, proving a distressing month for cryptocurrencies.

LINK/USD 1-day price chart: The downfall continues

The 1-day price chart for Chainlink price analysis shows price went down steeply today as the crypto market crashed. The bears are reinforcing their rule after just two days of bullish momentum, as today’s price function of most of the cryptocurrencies has reversed.

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

The volatility is increasing for the LINK/USD pair as the Bollinger bands ends are expanding again, with the upper end at the $34 mark and the lower band at the $21 mark, making an average at $27 level. As can be seen in the 1-day chart, the price level is coming down towards the lower end of the Bollinger bands, indicating a further bearish trend.

The MACD is also indicating a strong bearish trend, as the color had turned dark red, indicating a panic situation among traders, although MACD had remained bearish from the time of the 7th September flash crash when a bearish crossover was observed.

The relative strength index (RSI) is on a downwards slope at index 41, indicating a seller market; if RSI drops in the undersold range, then the bearish trend will be unrecoverable for quite some time.

Chainlink price analysis: LINK observes a sudden sharp drop in price

The 4-hour chart for Chainlink price analysis shows the coin’s price plunged down during the current hour, as the broader market is also undergoing a decline during this time. Though a bullish activity was also observed a few hours back but bears soon took over again, and the price started dropping aggressively.

Chainlink price analysis: LINK/USD down at $22 amid bearish crypto market 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is on a high as Bollinger bands are expanding on the 4-hour charts, and the price is coming down towards the lower Bollinger band. The RSI has also taken a steep downward curve in the last hours and is found at 37 index, near the undersold range.

The moving averages MA10, MA20, and MA30, are all also on the bearish side and indicate selling signals. Exponential moving averages EMA10, EMA20, and EMA30, are all also indicating selling signs as well. Oscillators are mostly neutral, but the MACD and Momentum are indicating sell signals.

The overall technical indicators are clearly giving bearish signals as a total of 16 indications are for selling of LINK asset, and 10 technical indications are not taking side with any side of the market, and there exists no technical indication for buying of LINK/USD.

Chainlink price analysis: Conclusion

The Chainlink price analysis for today is strongly bearish as the entire crypto market is having a bearish weekend today. After the intense rally which was observed a few weeks ago, such a volatile market is not unpredictable. The support of $21 is strong, but if selling pressure continues, then LINK may go below $20.

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.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Here we go again

TangoChain Announces The Launch Of Its 100% Gaming Blockchain

TangoChain Announces The Launch Of Its 100% Gaming Blockchain