Chainlink price analysis: LINK posts new low for the month at $22.5, will bears rule?

TL;DR Breakdown Chainlink price analysis is bearish for the day.Support of $23 is already under test.Strong resistance is found at $28. The Chainlink price analysis reveals market is in a bearish trend today as well. The LINK price breakout was again on a downtrend today. The bearish momentum does not seem to be getting low any time soon. Right now price is present at $22.5 after getting rejected from $29 yesterday, the coin value stooped down to $23.5, which is quite a significant decrease for one day. Chainlink price action followed the broader bearish market trend, and despite losing a value of 12 percent over the last 24 hours, still, there seem no chances of recovery; rather, a further decrement in price is expected. LINK/USD 1-day price chart: Bears to rule The 1-day price chart for Chainlink price analysis shows a further decline in asset’s value as bears pull the price down, breaking through many different support levels set by the bulls earlier. Currently, the test of the support of $23 is underway, and it is expected that the support will not last for long. The next support is present at $21.8, followed by another support of $19. LINK/USD 1-day price chart. Source: TradingView The moving average is present at $27.6. The volatility is increasing for the cryptocurrency with the widening of Bollinger bands. The upper band is present at the $34, and the lower band is present at the $23 mark; the average of Bo...