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ChainLink price analysis: LINK lost value at $7 after strong bearish run

ChainLink price analysis: LINK lost value at $7 after strong bearish run
TL;DR Breakdown
  • ChainLink price analysis is bearish today.
  • The strongest resistance is present at $7.9.
  • The strongest support is present at $6.7.

Chainlink price analysis for 2 June 2022 illustrates the market is following a partial bullish movement. The price of Chainlink has declined significantly over the past few hours; however, the trend has devaluation dynamics now. On 1 June 2022, the price crashed and went from $7.72 to $6.8. However, soon after, it gained positive momentum, staying under the $7 mark, signifying uncertain bullish momentum. Chainlink maintains a positive movement.

The current price of Chainlink is $7, with a trading volume of $413,663,040. Chainlink has been down 7.56% in the last 24 hours. Chainlink currently ranks at #27 with a live market cap of $3,270,001,964.

LINK/USD 4-hour price analysis: Latest developments

Chainlink price analysis reveals the market’s volatility following a massive increasing movement. This means that the price of Chainlink is becoming significantly more prone to undergo variable changes on either extreme. The upper limit of the Bollinger’s band is present at $7.74, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is present at $6.7, which serves as the most substantial support 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 been handed to the bears once again. However, the LINK/USD price appears to be moving upward after almost breaking the support in the last few hours.

image 39
LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 46, showing a stable cryptocurrency stock. This means that Chainlink is entering the lower-neutral region. Furthermore, the RSI appears to move slightly downwards, indicating a decreasing market. The decreasing RSI represents dominant selling activities and possible devaluation of the cryptocurrency

Chainlink Price Analysis for 1-day: LINK market gets tighter

Chainlink price analysis reveals the market’s volatility following a declining 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 $7.9, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is present at $6.2, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. However, the less volatile market may prove favorable for the bulls as they have good chances of conserving their trend.

However, the price of LINK seems to follow a downward path towards the support, which could potentially shift the trend if it breaks; the fluctuation of the cost in either direction will decide the movement depending on the instability of the price in either direction. However, in the most likely series of events, the price will possibly break the support, and bears might initiate a possible reverse trend.

image 40
LINK/USD 1-day price chart source: TradingView

The Chainlink price analysis shows the Relative Strength Index (RSI) to be 41, signifying a stable score for the cryptocurrency. This means that the cryptocurrency falls in the lower neutral region. Furthermore, the RSI path follows a linear movement, indicating a dormant market. Finally, the constant RSI score also means the equivalence of buying and selling activity.

Chainlink Price Analysis Conclusion

The Chainlink price analysis reveals the cryptocurrency to follow a strong upwards trend with much more room for bullish activity. However, the bulls have currently taken over the market, and the declining volatility favors the bears. As a result, they might be able to decline the price of LINK significantly and give the bulls a run for their money.

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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