- Chainlink price analysis is bearish.
- LINK/USD retraced to $25 yesterday.
- LINK/USD is currently trading at $24.5.
Chainlink price analysis is bearish today, as we expect another lower low to be made beyond the current support at $23, which would mark the end of a devastating 5% fall. The next major support for LINK/USD is seen at $22, and it will most likely be broken in the following 24 hours.
Yesterday’s Link low was placed at $26.3. LINK/USD saw a very strong increase in volatility and started plummeting shortly after that, with the new lows being made significantly lower than the previous ones.
The market rebounded soon after to $27, but this didn’t stop it from dropping again, and currently testing the key support level at $23. The next important levels are seen below $22: Previous low which stopped out many longs during previous swings from higher levels; currently being retested as support again
Today’s Asian session opened at $24 for LINK/USD, and we saw a sharp fall to $23 within an hour of trading. The previous low at $22 was taken out before we created new lows towards $21 over the past 24 hours.
Chainlink’s 100 SMA has fallen below its 200 SMA, showing that sellers have won control of the market. The line or support where buying pressure is expected to build up and push the price back toward the resistance at $27 is defined by this crossover point.
Alternatively, a break below this line of support will signal that selling pressure is picking up and may lead to a drop-down to either support at $21 or even the long-term floor at $20.
The RSI and Stochastic indicators have entered the negative territory, suggesting that they’re on the verge of forming bearish divergence patterns. This indicates that bulls are still in control but that bears will need more time to recover.
LINK/USD 4-hour chart: LINK set to drop further?
On the short-term chart, we see Chasinlink price retracing back to its $23 previous low this morning, setting up for more selling later today.
The price of Chainlink has continued to drop this week. The LINK/USD pair first dropped below $38, the previous major swing high set on November 10th, and has subsequently declined by around 40 percent to $23.
The price has been declining steadily since then, and it appears that bearish pressure is on the rise once more. Yesterday, LINK recovered some of its losses and returned to test previous resistance at $25 as a barrier.
The dismal performance of altcoins in the last 24 hours has seen Chainlink prices drop from a high of $23 yesterday to $22 today. The seventh-ranked cryptocurrency by market capitalization is currently swapping hands at $23.
The $23 level was reached around midnight, and there has been little consolidation since bears are still unwilling to give in. However, the Chainlink price will continue to drop throughout today as the overall momentum remains extremely negative.
Chainlink Price Analysis: Conclusion
The Chainlink price prediction is bearish today because we expect the value to fall further following this morning’s bearish momentum. We anticipate that the LINK/USD pair will break lower, with support at $22.