Chainlink Price Analysis: LINK/USD Dives below $25 Level

Chainlink Price Analysis – January 17

The Chainlink price is down with a loss of 7.5% within the last 24 hours as the coin declines below the moving averages.


Key Levels:

Resistance levels: $30, $32, $34

Support levels: $20, $18, $16

LINKUSD – Daily Chart

LINK/USD drops to $23.59 as the coin continues to follow the downward movement as the Chainlink price stays below the 9-day and 21-day moving averages. However, the technical indicator Relative Strength Index (14) is showing increase bearish momentum as the signal line prepares to cross below 40-level, indicating that the market sentiment is already bearish.

Chainlink Price Analysis: Chainlink Price Gets Ready to Drop More

The daily chart reveals that the LINK price is changing hands at $23.59 where it faces down as the coin aims to gain more downtrends in the nearest bearish movement. More so, if the Chainlink price rises again and breaks above the 9-day and 21-day moving averages, the coin may begin its upward movement to retest the previous high. However, the nearest resistance levels may be located at $30, $32, and $34 while the support levels lie at $20, $18, and $16 respectively giving a high bearish trading volume.

LINK/BTC Market: Price Faces the Downside

Against Bitcoin, the Chainlink price has been dropping for the past few days as the coin stays within the 9-day and 21-day moving averages to continue the bearish run at the time of writing. However, if the coin crosses below the 21-day MA, the next support level may be found around 5200 SAT and then locate further key support at 5000 SAT and below if the sell-off later becomes huge.

LINKBTC – Daily Chart

However, on the upside, if the bulls can push the price above the 9-day MA and move towards the upper boundary of the channel, the Chainlink price could hit the nearest resistance at 6000 SAT. Any further resistance lies at 6000 SAT and above. On the contrary, the technical indicator Relative Strength Index (14) nosedives below 55-level and this may bring more bearish pressure into the market.

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