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Chainlink price analysis: LINK rejected at $7.00, falls below $6.50 support

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis suggests a downwards movement to $6.00
  • The closest support level lies at $6.16
  • LINK faces resistance at the $6.78 mark

The Chainlink price analysis shows that LINK has failed to break above the $7.00 resistance level and has fallen back below the $6.50 mark as the selling pressure increased over the short-term charts. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include SHIB and SOL recording a 7.42 and a 5.92 percent decline, respectively.

Chainlink price analysis: LINK rejected at $7.50

Chainlink price analysis: LINK rejected at $7.00, falls below $6.50 support 1
Technical indicators for LINK/USDT by Tradingview

The MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low bearish momentum in recent hours as observed in the short height of the histogram which suggests weak selling momentum. Moreover, the lighter shade of the histogram suggests a declining selling pressure as the price falls below the $6.50 mark.

The EMAs are currently trading around the mean position as net price movement over the last seven days remains low. However, as the markets observe bearish activity, the EMAs move down towards the mean line, with the 12-EMA taking the lead. In recent hours the low gradient of the EMAs suggests a low trading activity in the LINK markets.

The RS has been trading in the neutral region for the past 15 days as the price volatility for Chainlink remained low. At press time, the index trades around the mean level at 50.00 and hovers at 40.06 moving downwards to show the slight selling pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests selling pressure from the bearish side of the market.  

The Bollinger Bands were moving in a wide channel until June 21 but converged as the price action stagnated around the $7.00 mark. While the bands were expanding yesterday, today’s movement back towards the $7.00 suggests further convergence and low volatility across the mid-term charts. At press time, the indicator’s mean line presents resistance at the $6.78 mark, while the lower limit provides support at the $6.16 mark. 

Technical analyses for LINK/USDT 

Overall, the 4-hour Chainlink price analysis issues a sell signal with 14 of the 26 major technical indicators supporting the bears. On the other hand, only four of the indicators support the bears showing a low bullish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.

The 24-hour Chainlink price analysis share this sentiment and issues a sell signal with 14 indicators suggesting a downwards movement against two indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing weak buying pressure for the asset across the mid-term charts. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.

What to expect from Chainlink price analysis?

Chainlink price analysis: LINK rejected at $7.00, falls below $6.50 support 2
4-hour price chart by Tradingview

The Chainlink price analysis shows that while the bulls have made another attempt at the $7.50 mark, the unsuccessful attempt has caused the price to fall below the $7.00 mark. Currently, the price is moving downwards towards the $6.00 support level as the bears take over the markets.

Traders can expect LINK to move downwards towards the $6.00 as the selling pressure increases across the short term. This suggestion is reinforced by the mid-term technical analyses which show a bearish dominance over both the 4-hour and the 24-hour charts. As such, the price can be expected to move between $6 to $7.00 with a potential downwards movement to the $5.50 mark. 

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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