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Chainlink price analysis: LINK deflates to $28, as bears dominate the market

www.cryptopolitan.com 18 November 2021 09:54, UTC
Reading time: ~3 m

  • Chainlink price analysis is bearish today.
  • Support for LINK/USD is present at $27.4.
  • The resistance for LINK is found at $31.

The Chainlink price analysis favors the bearish side today. A decrease in price has been observed today as the coin has covered a downwards range from $29.2 to $28.7. The Chainlink fell below the psychological mark of $30 on 16th November when a heavy sell-off was observed in the broader crypto market. Some coins recovered to an extent yesterday, but LINK/USD did not show any considerable improvement.

The most LINK could perform was to get a break from further downside yesterday, but today again, the bears took the price down. Overall the entire last week proved detrimental for the crypto pair as it observed severe loss during this time.

LINK/USD 1-day price chart: LINK continues downside

The 24-hour Chainlink price analysis suggests the bears are defining the price curve as they continue to devalue the coin. LINK/USD is trading at $28.7 at the of writing, the profit/loss over the last 24 hours is on the negative side, and if observed over the past week, the crypto pair has lost a value of more than 18 percent. The trading volume is also down along with the price, as it shows a deficit of 37 percent, and the market cap is down by 0.33 percent.

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

The volatility is again increasing for LINK/USD, and the lower Bollinger band is diverging more which is not a good sign for the Crypto pair; the lower band at the $28.3 mark represents support for the LINK price. And the mean average of the Bollinger bands at the $32 mark represents resistance for the coin; the moving average (MA) is also trading at $32.

The relative strength index (RSI) is on a downwards slope in the lower half of the neutral zone at index 40; the RSI represents the sellers outnumbering the buyers in the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows that the price break out was downwards at the start of today’s session and still continues downside as selling pressure continues to get severe with the time passing, showing some other perilous signs as well.

LINK/USD 4-hours price chart. Source: TradingView

The volatility is high on the 4-hour chart, and the volatility indicator shows a downwards breakout, hinting at the lower price levels to be expected for the coming hours. The price traveled below the MA level today, which is present at the $29 mark. The RSI shows alarming conditions as it is on the verge of entering the undersold zone. If the RSI dips into this bearish territory, then the downside may continue for long.

Chainlink price analysis: Conclusion

The Chainlink price analysis shows the crypto pair has lost significant value over the past week, and still, the LINK/USD is trading in bears. A further decline in price is also expected over the next 24 hours.

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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