Chainlink (LINK) Encounters Rejection Near $18.4, What Next?

  • Chainlink price depicts bearishness today.
  • LINK’s massive resistance stands at $20.2.
  • The alt has its support floor around the $16.8 mark.

Chainlink (LINK) displays bearishness today as the financial pressure works on the token again. Bears seem committed to extended downswings with charts highlighting steep corrections. On 13 December, LINK bears confirmed a steep price drop, taking Chainlink under the psychological mark at $20.

However, the following day (14 December) had bulls stepping up to support the price. However, LINK charts show bullish momentum fading with time. For now, bears emerged after bullish activities over the past 24 hours.

LINK/USD Daily Chart – Bears Returns Earlier Than Expected

The daily chart for LINK indicates price decreases as Chainlink bears returned earlier than expected. While publishing this analysis, LINK value has plunged to $18.23. Keep in mind that bullishness emerges after each steep fall. Meanwhile, the altcoin faces hurdles at $18.4. Should we wait for more damages?

Despite today’s downtrends, LINK/USD still registered a 2.11% price increase due to yesterday’s bullish activity. On the other side, Chainlink had lost 16.33% over the past seven days as it maintained downtrends since 12 November. Moreover, the trading volume dropped by 15.5%, contributing to the 0.42% market dominance.

LINK sees high volatility amid massive bearish trends. Furthermore, Bollinger Bands remain on the downward path. The top band sits at $26.8, while the lower one represents Chainlink’s support at $16.5.

The indicator’s mean average stands at $21, representing LINK’s resistance zone. The RSI stays at the index’s lower level, though not with a steeply downward curve, showing inadequate even from bears – the only sign of hope for now.

Technical Indicator and Latest Developments

The 4Hr chart shows Chainlink of a downward breakout today. That comes after the alt saw bullishness towards the previous session’s end. Bears remain active as LINK price continues to dip.

Moreover, the chart shows Bollinger bands began expanding on 13 December, covering a wide area. The upper band stands at $20 while the lower one is near $18.1, representing support. Meanwhile, the indicator’s average line offers LINK/USD resistance at $18.8. Also, the RSI is on a humble downward slope at 42.

By FellowNeko – shutterstock.com