TL; DR Breakdown
- The Bollinger bands are narrow on the daily price analysis chart; this indicates a mild volatile market.
- 24-hours Chainlink price analysis chart began in a bearish trend.
- The short red bars on the MACD Histograms are more than the short green bars suggesting sellers control the market.
The daily Chainlink price analysis chart began the day while sellers were in control of the market. Five minutes later, the bulls created solid support at the low end of the day’s trading, $27.4. The prices rose, as a result, forming head and shoulder patterns to the intraday highs of $28.5, which sellers established. At this point, The sellers established a significant barrier that seemed to be a hard rock for the bulls to break. The strong resistance by the sellers allowed them to dominate the LINK/USD market, resulting in steep drops.
The Bollinger bands are narrow on the daily Chainlink price analysis chart; this indicates a mild volatile market. LINK/USD price is facing the upper Bollinger band, indicating bullish momentum as the price is heading towards the overbought region.
On the five-day price analysis chart, the 100-day Moving Average (MA) seems to be crossing over the 200-day Moving Averange (MA) at the minor resistance of $27.4.
The whole cryptocurrency market is showing bearish signals as most coins trade in the red zone.
The two most significant digital assets are trading in losses as the sellers control the entire cryptocurrency space leading to price dips. Bitcoin is down by -11.43 percent, while ETH has dropped by -12 percent. The altcoin has recorded massive drops. The meme coin has recorded more than a -15 percent price decline. Solana has posted a deviation of -12 percent despite trading bullishly in the early trading hours as other digital assets were bleeding. Chainlink trades at $28.1, which is a -10 percent deviation.
The green candlesticks on the daily Chainlink price analysis chart seem to be the same number as the red ones indicating that the market has been trading in moderate momentum over the last 24 hours.
4-hour price analysis chart: LINK/USD price dips
The Balance of Power indicator is lying on the negative side, meaning that the LINKUSD market is in the hands of the bears. Bulls are struggling to reverse the bear trend. However, the sellers have outnumbered the bulls hence the bearish momentum.
The short red bars on the MACD Histograms are more than the short green bars suggesting sellers control the market.
The current bear trend seems to be more dangerous, and it is expected to continue throughout the week. On the other side, the Bulls have gone to their drawing board and will try to reverse the trend in the course of the week.
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