Chainlink Price Analysis – July 20
The Chainlink price is recording a downtrend of 4% within the last 24 hours as the coin declines to $13.3 low.
Resistance levels: $18, $20, $22
Support levels: $10, $8, $6
LINK/USD drops to $13.3 as the coin continues to follow the downward movement. The LINK price is currently moving below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) shows increasing bearish momentum as the signal line prepares to cross into the oversold region, indicating that the market sentiment is already bearish.
Chainlink Price Analysis: Chainlink Price May Drop More
The daily chart reveals that the LINK price is changing hands at $13.9 where it faces down. More so, if the Chainlink price rises again and breaks above the 9-day and 21-day moving averages, the coin may start its upward movement to retest the previous high. However, the nearest resistance levels are located at $18, $20, and $22 while the support levels lie at $10, $8, and $6 respectively giving a high bearish trading volume.
LINK/BTC Market: Bears are Pushing the Price Downward
Against Bitcoin, the Chainlink price has been dropping for the past few days as the coin remains under the 9-day and 21-day moving averages to continue the bearish run at the time of writing. Meanwhile, the next support level may surface at 4600 SAT and then locate further key support at 3800 SAT and 3600 SAT levels if the sell-off later becomes huge.
However, on the upside, if the bulls can push the price above the upper boundary of the channel, the Chainlink price could face the 5000 SAT resistance. Any further resistance lies at 5600 SAT and above while the signal line of the Relative Strength Index (14) moves into the oversold region and this may bring more bearish pressure into the market.