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Chainlink price analysis: LINK/USD bearish as price slips to $10.82

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis appears to be bearish
  • Support for LINK/USD is present at $ 10.73
  • The resistance for LINK/USSD is present at $ 12.04
image 61
Cryptocurrencies prices heatmap, source: Coin360

The Chainlink price analysis shows a bearish trend as the market is losing steam. The LINK/USD market has been on a downtrend for the last24 hours and is currently trading at $10.82. The market has lost over 8 percent in value in the last 24 hours and is currently facing resistance at $12.04.At the moment, it appears that the Chainlink price analysis is bearish, with support for LINK/USD present at $10.73. This indicates that there may be further losses in the near future for this market, as it faces strong resistance from sellers at the $12.04. However, if market conditions change a positive market sentiment may be expected.

LINK/USD 1-day price chart: Price goes down to $10.82 as bulls try to recover

The 1-day Chainlink price analysis shows that the LINK/USD pair has been on a downtrend last 24 hours, with the market currently trading at $10.82. The LINK/USD pair is currently facing resistance at the $12.04 level, and support is holding at $10.73.Chainlink’s current trading volume sits at $597,004,117.59 while the market capitalization is at $5 billion, The digital asset is currently dominating 0.30 percent as it ranks position 25 overall in the cryptocurrencies market. The token has price has been hovering around the $11.42 area since yesterday and has lost over 8 percent in its value in the last 24 hours.

Looking at the 1-day price chart, we can see that the LINK/USD pair has been in a bearish trend for several weeks now, with the price dropping from $14 to its current market value of $10.82. The current market conditions appear to be bearish, with the RSI indicator on the 1-day chart at 45.

image 59
LINK/USD 1-day price chart, source: TradingView

The MACD indicator is also showing signs of a potential change in trend, with the MACD line (blue) starting to cross above the signal line (red). This could lead to a bullish crossover and a possible change in trend from bearish to bullish. The EMA’s on the 1-day chart are also starting to diverge, which is another bullish sign that the market could start to move higher in the near future.

LINK/USD 4-hour price chart: Resistance at $12.04 is currently limiting upward momentum

The 4-hour price chart shows that the LINK/USD pair has been in a bearish trend for the past few days, with the market currently trading at $10.82. The market is currently facing resistance at the $12.04 level, which is acting as a barrier to further upward momentum. However, if the bulls can break through this resistance and push the price higher, we could see the LINK/USD pair start to move back towards its previous support levels around $10.73.The EMA’s on the 4-hour chart is currently in a bearish configuration, with the EMA50 (yellow) below the EMA100 (red), indicating that the market is currently in a bearish trend.

image 60
LINK/USD 4 -hour price chart, source: TradingView

Chainlink price analysis conclusion

The Chainlink price analysis shows that the market is currently in a bearish trend and is facing resistance at the $12.04 level. However, if the bulls can break through this resistance and push the price higher, we could see the LINK/USD pair start to move back towards its previous support levels around $10.73. This could lead to a bullish crossover and a possible change in trend from bearish to bullish.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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