Chainlink price analysis: LINK corrects below $29, as bears lead the charts

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TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • Strong resistance is found at $29.
  • Support for ADA/USD is present at $27.

The Chainlink price analysis shows bearish signs today. A decrease in price has been observed as bears intervene in the coin’s progress after two days of bullish efforts for recovery. The LINK/USD has been on a downwards trend for the last week, as bears ruled the broader crypto market, and LINK was no exception. LINK went through a substantial loss, especially on 15th, 16th, and then on 18th November, but LINK rejected further downside below 26.5, and bulls recovered the price, but recovery is comparatively small, and today again bears are making progress till now.

The broader crypto market is trading in bears today. The majority of cryptocurrencies, including Bitcoin, Ethereum, and most of the top altcoins, are all showing signs of correction after yesterday’s bullish market.

LINK/USD 1-day price chart: Price drops as bears stop further advancement

The 1-day Chainlink price analysis shows a price drop today as selling pressure triggered again. After a significant improvement in LINK/USD pair price for the past two days, bears have again taken over the price function, and the crypto pair is now trading at $28 at the time of writing. LINK reports a 1.43 percent loss of value during the last 24 hours and has lost a value of more than 16 percent over the past week.

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

The volatility is high for the LINK/USD pair, as the Bollinger bands indicator suggests. The upper band is present at the $36.6 mark, and the lower band is present at the $26.7 mark representing support for LINK; the mean average line of the Bollinger bands is above the price level at the $31.6 mark representing resistance for the crypto pair.

The relative strength index (RSI) is trading in the lower half of the neutral zone on a very slight downslope, indicating the selling activity taking place in the market. The RSI indicator is present at index 40.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows bullish efforts in the last four hours, after the price breakout being downwards at the start of today’s session. Bulls seem to be gaining strength again as a rise in price has been observed in the recent hours as selling pressure is decreasing.

Chainlink price analysis: LINK corrects below $29, as bears lead the charts 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is decreasing on the 4-hour chart as Bollinger bands are slightly contracting, with the upper band at the $29 mark and the lower band at the $26 mark, forming the average at the $27.9 mark, which represents support for LINK price. The indicator also shows an upwards breakout, so a bullish rally again in the coming hours is also not out of the question. The relative strength index shows horizontal movement after traveling on a downwards curve in the lower half of the neutral zone and is present at index 43, indicating a decrease in selling pressure and the entrance of buyers into the market currently.

Chainlink price analysis: Conclusion

The Chainlink price analysis reveals a bearish trend, despite some bullish activity observed recently. Most of the technical indications are also favoring the bearish side. However, a reversal in trend is also possible as the RSI suggests a balanced out buying and selling activity currently, so LINK may turn bullish if bulls gain strength during the coming hours, and we may observe the price rising again.

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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