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ChainLink price analysis: LINK suffers extreme devaluation at $11

ChainLink price analysis: LINK suffers extreme devaluation at $11
TL;DR Breakdown

TL;DR Breakdown

  • ChainLink price prediction appears to be bearish.
  • The strongest resistance is present at $15.1.
  • The trading price of ChainLink is $11.

The ChainLink price analysis for May 1, 2022, reveals the market following a bearish movement, obtaining significant negative momentum, signifying a loss of positivity for the LINK market. The price of ChainLink has remained negative over the past few hours. On April 30, 2022, the price crashed and went from $12 to $10. As a result, the market regained some value soon after; ChainLink has declined and devalued the price to $11.

The current price of ChainLink is $11, with a trading volume of $567,079,771. ChainLink has been down 7.91% in the last 24 hours. ChainLink currently ranks at #27 with a live market cap of $5,166,781,805.

LINK/USD 4-hour price analysis: Latest developments

The 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 $13, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $10.7, 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 1200x554 1
LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 26, showing an undervalued cryptocurrency stock. This means that the cryptocurrency falls into the devaluation region. Furthermore, the RSI appears to move linearly, indicating a stable market. The equivalence of buying and selling activities causes the dormant RSI score.

ChainLink Price Analysis for 1-day: LINK support breaks

The ChainLink price Analysis reveals the market’s volatility following a decreasing movement, which means that the price of ChainLink is becoming less prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $15.1, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $11.3, which serves as another resistance 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 bearish dynamics in the last few days. As a result, the market has decided on a negative approach. However, the support has been broken, and as a result of the breakout, the price has started moving upward, and the market may start opening its volatility. This change could prove to play a valuable part in the development of the cryptocurrency and possibly increase its value.

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

The ChainLink price analysis shows the Relative Strength Index (RSI) to be 27, signifying an undervalued cryptocurrency. This means that the cryptocurrency falls below the devaluation threshold. Furthermore, the RSI path seems to have shifted to a slight upwards movement. The increasing RSI score also means dominant buying activity.

ChainLink Price Analysis Conclusion

The 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, the breakout suggests that the market could possibly move towards the positive extreme, so it’s safe to assume that the bulls will take over the market. 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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