Chainlink Price Analysis: LINK price swings towards $14.69 while bears dominate the market

Chainlink price analysis shows that LINK/USD opened the market on a daily basis with mixed reactions whereby the price showed an unclear trend during the opening hours. Chainlink price has been trading in a sideways trend since the beginning of this month, with bulls and bears vying for control. The bulls have defended the $13.50 support on three occasions, but have so far been unable to overcome the $15.00 resistance. The LINK/USD pair is currently trading at $14.59, and a break above the $15 resistance could open a rally to $16.50. Conversely, support is seen at $14.41 which is the recent low set earlier this week.

The LINK/USD pair opened the daily market with a slight upside move, followed by a sharp downside move that pushed the price towards the $14.69 support level. The bulls were unable to sustain the price at higher levels and, therefore, were unable to withstand the pressure of the bears. The market is likely to fall in the short term as the bears are currently in control.

Chainlink Price Analysis on 1-Day Price Chart: LINK/USD price could rally back to $14.69

On the 1-day chart, we can see that Chainlink price has been trading in a sideways trend since the beginning of this month, with the bulls and bears vying for control. However, the bulls have not been able to overcome the bearish pressure in the market today, with the price currently trading around $14.59. The market is likely to fall in the short term as the bears are currently in control due to low volume.

1-day LINK/USD price chart, source: TradingView

The Relative Strength Index (RSI) on the 1-day chart is currently showing a neutral signal and no major divergence. The MACD is also currently showing a bearish crossover, which shows that the bears are in control of the market. The EMAs have been aligned to the downside, which further confirms the bearish bias in the market.

Chainlink Price Analysis on 4-Hour Chart: LINK/USD Price Slight Slight, Bullish Crossover?

Looking at the 4-hour chart, we can see that Chainlink price has been trading in a downtrend since the beginning of this week when the bears were in control.

4-hour LINK/USD price chart, source: TradingView

The market is currently bearish as the RSI is currently showing a bearish signal without a major divergence. The MACD is also currently showing a bearish crossover, which shows that the bears are in control of the market right now. The moving average (MA) crossover on the 4-hour chart is also aligned to the downside, which further confirms the downtrend in the market.

Conclusion of Chainlink price analysis

Concluding, Chainlink price analysis reveals bearish sentiment in the current market with prices swinging towards the $14.69 support level. However, the bulls can recover at these levels if they can muster enough strength to push the price up. The market is currently bearish as both the RSI and the MACD are showing bearish signals on the 1-day and 4-hour charts. However, the market could recover at $14.69 if the bulls can gain some traction.