Ethereum
$ 1,244.51 2.79%
Solana
$ 41.20 1.53%
Dogecoin
$ 0.074509 9.80%
ApeCoin
$ 4.97 12.35%
Bitcoin
$ 21,380.00 0.61%
BNB
$ 239.80 1.38%

Chainlink price analysis: LINK/USD set to break below $7.50

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a negative market sentiment
  • LINK resistance is present at $10.
  • LINK/USD pair found support at $6.5.

Chainlink price analysis is bearish in the short-term and bullish in the long-term. Chainlink prices have been on a steady decline over the past few days and are currently trading at $8.90. The market sentiment for LINK is negative, as the coin is set to break below the $7.50 support level.

The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Chainlink is consistently ranked as one of the most important projects in the blockchain space and is seen as a key piece of infrastructure for the emerging DeFi industry.

Chainlink price action on a 1-day price chart: Bears take control

The 1-day Chainlink price analysis chart is trading in a tight range between $8.50 and $9.00 as the bulls and bears battle for control of the market. The market is currently in a bearish trend as prices have retraced from the highs of $15.0. The market has been on a downtrend since September 25th and is showing no signs of recovery. support for the coin is present at $8.0, however, if this level is breached, the next level of support lies at $7.50.

image 167
LINK/USD 1-day price chart, source: TradingView

The Bollinger Bands show that the market is in a state of consolidation as prices fluctuate within the upper and lower bands. The middle band acts as a point of resistance for the market while the upper band provides support. The Relative Strength Index is currently trading in the oversold region, however, no bullish crossover is present, which indicates that the bearish momentum is still present in the market. The MACD shows that the market is in a bearish trend as the signal line is above the histogram and indicates decreasing momentum.

The LINK/USD pair on the 4-hour chart is trading in a descending triangle pattern as prices fluctuate between the upper and lower trendlines. The market is currently in a bearish trend as prices have retraced from the highs of $15.0.

The 4-hour price chart for Chainlink price analysis: LINK prices at risk of further decline

On the daily chart, the LINK/USD pair is currently below $9.0 and appears ready to drop in the near term. In the last 24 hours, prices have dropped from intraday highs of $10.52 to $8.90, establishing a corrective movement. The market has formed a descending triangle pattern, and a breakdown beneath.

image 166
LINK/USD 4-hour price chart, source: TradingView

The technical indicators on the 4-hour chart consequently, the price is at risk of further decline as the Relative Strength Index is trading in the oversold region with no bullish crossover present. The MACD shows that the market is in a bearish trend as the signal line is above the histogram and indicates decreasing momentum.

Chainlink price analysis: Conclusion

Chainlink price analysis shows that the market is currently in a bearish trend as prices have retraced from the highs of $15.0. The market has been on a downtrend in the last two week. The market is expected to continue its downtrend in the near-term as bears take control. Prices are expected to drop to $8.0 in the near term. however, a break below this level could see prices drop to $7.50.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

Related News

Hot Stories

Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Ripple price analysis: XRP/USD set to break above $0.54 overnight
Could You Become A Millionaire By Adding These Cryptocurrencies To Your Portfolio - Polkadot (DOT), And Logarithmic Finance (LOG)
Ethereum price analysis: ETH swiftly breaks $1,250, strong upside next week?

Follow Us

Industry News

Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon