Chainlink price analysis: LINK clings to $30 due to bearish hindrance

TL;DR Breakdown

• Chainlink price analysis shows a bearish trend.
• Strong resistance is present at $34.8.
• Strong support is present at $26.8

The Chainlink price analysis shows a decline in price today. The price of the LINK/USD pair has come down to the level of $30.6 at the time of writing, and a further decline is to be expected.

Bears have been successful in reversing the bullish momentum of yesterday when the price went up from $26.8 to $30.9. Though on a limited margin, bears have obstructed the bullish momentum and restricted the price below $30.9, which may further decline if selling pressure continues from traders. But there seems enough room for improvement as well.

Though overall LINK is on a gain of 11.8 percent value if we compare the price over the last 24 hours, recent activity is bearish. The same is the case of Ethereum, down at the moment but on gains over 24 hours. Bitcoin, on the other hand, is on gains in both scenarios.

LINK/USD 1-day price chart: Bears to restrict bullish momentum

The 1-day price chart for chainlink price analysis shows a bearish trend has taken over the bullish momentum of yesterday. During the last few days, the price movement of LINK/USD has been on an upward trend line, as green candlestick came out bigger than the red candlesticks in the said time period.

The volatility is comparatively high as Bollinger bands are still far apart, showing the upper Bollinger band at the $33.8 mark and the lower band at the $23.4 mark. The average of Bollinger bands is $28.6 mark.

The moving average (MA) is at the $28.3 mark. The relative strength index (RSI) hovering in the upper half of the neutral zone but may go up assuming the other factors involved.

Chainlink price analysis: Chances for LINK bulls soaring

The 4-hours Chainlink price analysis reveals new developments during the day as Buyers are again coming in and LINK/USD is again rising after the morning bearish downfall. Volatility is increasing as Bollinger bands are widening up during the recent hours and show the upper band at $31 and lower band at $25.4. The average of Bollinger bands is at $28.3 level.

The moving average (MA) is at the $29 mark, and the relative strength index (RSI) has gone up recently to the number of 63.9 and still is on the upslope towards the overbought limit.

The technical indicators for the Chainlink price analysis are mostly showing buy signals as 14 indicators are on buying side and only two on the selling side, and 10 are neutral out of a total of 26 technical indicators available to us.

The moving averages are strongly bullish as 14 indications are towards buy signal and no indication towards sell signal, whereas only one is neutral. The most important MA10, 20, and EMA10, 20 are all indicating a buy sign.

The oscillators are more inclined towards the selling side, with nine oscillators being neutral and two oscillators, including MACD giving a sell signal and non of the oscillator, is giving a buy signal today.

Chainlink price analysis: conclusion

The 1-day and 4-hours Chainlink price analysis is indicating a decline in the price levels today, but LINK bulls are returning with power, and there are chances of bulls continuing the uptrend price movement as they have carried over from the last days hence benefiting the intraday traders.

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