Chainlink price analysis speaks bears today. The price has dropped significantly since the beginning of the session as the price breakout has declined. The LINK/USD pair is trading between $25.5-22.6 today as the losses continue. Support is available for $21 which can be retested today.
The last hour proved fatal for LINK/USD as it slumped spectacularly during this period, trading at $22.6 at the time of writing. The broader crypto market has collapsed in recent hours, with the Bitcoin and Ethereum giants reporting significant losses along with the best altcoins, but the decline has continued at the time of this report. This is the third time the crypto market has collapsed in September, which has proven to be an unsettling month for cryptocurrencies.
The one-day price chart for Chainlink price analysis shows that the price has fallen sharply today after the collapse of the crypto market. The bears are tightening their rules after just two days of bullish momentum, as today’s price function of most cryptocurrencies has reversed.
Volatility increased for the LINK/USD pair as the ends of the Bollinger Bands developed again, with the top of the $34 mark and the bottom of the $21 mark, averaging $27. The dollar in a 1-day period indicates the price level dropped to the lower end of the Bollinger Bands, which indicates further bearish trend.
The MACD is also showing a strong downtrend as the color turns dark red, indicating a panic situation among traders, although the MACD has remained bearish since the September 7th lightning bolt when a bear cross was observed.
The Relative Strength Index (RSI) is downward sloping at index 41, indicating a sellers market; If the RSI falls into unsold territory, the downtrend will be irreversible for some time.
Chainlink’s 4-hour price analysis chart shows that the price of the coin has fallen at the current hour as the broader market has also fallen during this time. Despite the bullish activity observed a few hours ago, the bears soon regained control and the price started to fall aggressively.
Volatility is high as Bollinger Bands expand to the 4-hour chart and the price drops to lower Bollinger Bands. The RSI has also taken a steep downward curve in the last few hours and is close to the unsold range on the 37 index.
The moving averages of MA10, MA20 and MA30 are also bearish and show sell signals. The EMA10, EMA20 and EMA30 exponential moving averages are also showing signs of selling. Oscillators are mostly neutral, but MACD and momentum are showing sell signals.
The general technical indicators clearly give bearish signals as there are a total of 16 indications for selling LINK assets and 10 technical indications not occupying land on either side of the market and no technical indications for buying LINK / Rp.
Chainlink’s price analysis for today is very bearish as the entire crypto market had a bearish weekend today. After an intense rally a few weeks ago, such volatile markets are unpredictable. The $21 support is strong, but if the selling pressure persists, LINK could fall below $20.