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Chainlink Price Analysis: LINK/USD set to record gains today

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  • Chainlink price analysis is bearish today.
  • LINK/USD retraced to $21 Yesterday.
  • LINK is trading at $19.

Link price analysis is bearish today, as selling pressure has resumed after resistance was met at $21 late last night. As a result, we anticipate LINK/USD to move lower later in the day. A retest of the $20 support level is likely, with a potential move down to $18 should that break.

Technical indicators are currently bearish, with the RSI in oversold territory and the MACD trending lower. The Stochastic also indicates increased selling pressure, as it has moved below its signal line.mIn short, we believe that LINK/USD will continue to move lower throughout the day, with a test of the $20 support level likely. A break below that could see the price move down to $18.

Chainlink price movement in the last 24 hours: Bears takes comand again

Earlier today,  LINK/USD  traded around the $20 mark, meeting resistance. The price could not break above that level and has since started moving lower again. As a result of the increased selling pressure, we have seen another downside test, which is currently in progress. With this drop below $20, should it continue into a retest of the $18 support level, expect to see some stability at that point before any further movement takes place.

LINK/USD 4-hour chart: LINK starts to decline again

After resistance was found at $21, the Chainlink price gradually fell on the 4-hour chart as bears looked to retest the downside.

Chainlink Price Analysis: LINK/USD set to record gains today 1
LINK/USD 4-hour chart. Source: TradingView

Looking at the 4-hour chart, we can see that LINK/USD has been downtrend since reaching a high of $25.50 on September 10. The pair has dipped below the 50 and 100-hour exponential moving averages (EMAs). The most recent of these dips have brought us to lows of $19.40, only to be met with quick rejection as the price sought support at the 100-EMA.

Chainlink is down about 15% from its high of $33 in early November. Chainlink’s price action has gradually declined for the past several weeks, with the November low established at $23. From there, LINK/USD gradually retraced and formed a new lower peak at $27 on December 1.

The price per link fell to around $27 over the next few days. After a period of consolidation around $24.5 on Thursday, a powerful selling began late Friday night. The value of LINK/USD plummeted by 35 percent until it hit the $17 level.

Following a happy hour rejection, prices advanced early this morning, leading to a 25 percent recovery by the end of the day. Resistance was established at $21 around midnight, causing bearish momentum to return overnight gradually.

Chainlink Price Analysis: Conclusion 

The Chainlink price is bearish today, as we anticipate the downside to be challenged once more after a brief retracement to the $21 mark, where resistance was previously found. Before additional upside can be reclaimed, LINK/USD must establish a higher low.

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