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ChainLink price analysis: LINK crashes to $11.4

ChainLink price analysis: LINK crashes to $11.4
TL;DR Breakdown
  • ChainLink price prediction appears to be bearish.
  • The strongest resistance is present at $14.9.
  • The trading price of ChainLink is $11.4.

ChainLink price analysis for May 5, 2022, reveals the market following a bearish movement, obtaining significant negative momentum, signifying a positivity loss for the LINK market. The price of ChainLink has regained negative over the past few hours. On May 4, 2022, the price spiked and went from $11 to $12.2. The market crashed the next day and lost most of its value soon after; ChainLink has declined and devalued the price to $11.4.

The current price of ChainLink is $11.4, with a trading volume of $477,314,278. ChainLink has been down 1.62% in the last 24 hours. ChainLink currently ranks at #25 with a live market cap of $5,380,198,111.

LINK/USD 4-hour price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following an increasing movement. This means that the price of ChainLink is becoming more prone to undergoing variable changes on either extreme. The upper limit of the Bollinger’s band is present at $12.2, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $10.6, which serves as a support point for LINK.

The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to be dominated by bears. The LINK/USD price attempts to break the support; if it comes to pass, the market will be potentially reversed.

image 47
LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 46, showing a stable cryptocurrency stock. This means that the cryptocurrency falls into the lower neutral region. Furthermore, the RSI appears to move significantly downwards, indicating a heavily deteriorating market. The dominance of selling activities causes the declining RSI score.

ChainLink Price Analysis for 1-day: LINK market opens

ChainLink price Analysis reveals the market’s volatility following an increasing movement, which means that the price of ChainLink is becoming more prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $14.9, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $10.5, which serves as a support point for LINK.

The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to have shown strong bearish dynamics in the last few days. As a result, the market has decided on a negative approach. However, the cryptocurrency price still moves downwards, attempting to break the support again, causing another breakout.

image 48
LINK/USD 1-day price chart source: TradingView

ChainLink price analysis shows the Relative Strength Index (RSI) to be 37, signifying an undervalued cryptocurrency. This means that the cryptocurrency falls below the lower neutral region. Furthermore, the RSI path seems to have shifted to a downward movement. The decreasing RSI score also means dominant selling activity.

ChainLink Price Analysis Conclusion

ChainLink price analysis reveals the cryptocurrency follows a downward trend with much room for activity on the negative extreme. The market’s current condition appears to be very unpredictable, as it shows potential to move to either extreme. However, yesterday’s breakout suggests that the market could possibly move towards the positive extreme. However, it’s still uncertain as the volatility increases, exposing the market to new possibilities. For now, the market is undergoing severe devaluation. However, as the RSI crosses the devaluation threshold, the bulls gain a significant chance for a comeback as the market shifts in the opposite direction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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