Chainlink price analysis: LINK finds support at $19 amid a flash crash

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  • Chainlink price analysis is bearish today.
  • Price has decreased up to $19.4.
  • Support at $19 still persists.

The Chainlink price analysis is bearish for today as the LINK price also crashed in the bears market today. LINK also took the unexpected dip along with the broader crypto market. LINK was on a downtrend for the past few weeks, as a constant bearish pressure was there. A more intense downtrend was observed in the market today as the price moved down to $19 today while swinging as low as $16.8 at an instance.

The broader crypto market is bearish today as the giants Bitcoin and Ethereum crashed heavily along with the top altcoins. The Bitcoin stepped below the $50,000 range losing 16 percent value in just a few hours. The market remains bearish as most altcoins also report losses ranging from six percent to 26 percent.

LINK/USD 1-day price chart: Bearish pressure degrades LINK price by 24 percent

The bears have maintained their leading position for the past couple of weeks, with bulls taking the lead for short intervals. The market has followed the same trend even today, but at a larger scope as the LINK price lost more than 24 percent during the past few hours. A considerable decline in LINK/USD was reported today, and the price is now touching the $19.4 extreme. The moving average (MA) value stands at a relatively higher level than the current price, i.e., 23.99.

Chainlink price analysis: LINK finds support at $19 amid a flash crash 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is high, which means that the bearish trend is to continue in the upcoming days. The upper and lower Bollinger band values are both moving on a downslope, as now the upper band is standing at $31, and the lower band is at $20. The Relative Strength Index (RSI) score has dropped below the undersold zone at index 25 because of the bearish trend.

Chainlink price analysis: Recent developments and further technical indications

The four hours Chainlink price analysis predicts the downtrend as well. However, the price has undergone a slight improvement in the past few hours. The latest price movement is upwards, and the bulls have managed to escape the intensifying pressure. The price is now at a much better position, i.e., $19.4, and is expected to increase further in the next few hours. The moving average value has moved down to $23, as the bears were in the lead earlier today.

Chainlink price analysis: LINK finds support at $19 amid a flash crash 2
LINK/USD 4-hours price chart. Source: TradingView

The increase in volatility suggests that the trends might shift soon because of a bearish return. As of now, the upper Bollinger bands value is set at $28, and the lower Bollinger bands value is present at $20. The RSI curve confirms the uptrend but is still at a lower score in the oversold region at index 23.

Chainlink price analysis conclusion

The daily and hourly Chainlink price analysis shows bears are ruling the market as the price has undergone a massive decline today. The price is now settling at $19.4 below the psychological mark of $20 level and is expected to lower further in the next couple of days. On the other hand, the hourly price function is hopeful as the price covered bullish movement in the last four hours.

Source: cryptopolitan.com

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