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Chainlink price analysis: LINK price sinks to $5.95, a further downside to follow?

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a downtrend
  • Support for LINK prices is present at $4.5
  • Chainlink prices have declined by 6.11 percent

Chainlink price analysis for today 30th June 2022 shows a downtrend. Prices have been on a steady decline for the past few days and currently, are trading below the $6 mark.LINK is currently trading at $5.96 after making an intraday high of $6.21.The 24-hour volume for LINK stands at $1.31 billion, and the market capitalization is at $5.79 billion. The digital asset’s price is currently encountering strong resistance around the $7 region which is proving to be a tough nut to crack.

Chainlink price analysis: Technical analysis

image 412
LINK/USD 1-day price chart, source: TradingView

Chainlink price analysis indicates the digital wallet has been trading between a range of $5.8 and $6.2.The bears have increased their selling pressure, and as a result, the prices have declined below the $6 level. The immediate support for LINK prices lies at $5.5, and if the prices break below this level, they can further decline to $4.5.The RSI indicator is currently at 46.24 which indicates that the digital asset is in the oversold region. The MACD indicator is bearish as the signal line is above the candlesticks. The Bollinger bands are seen to be wide, indicating high volatility in the market.

Chainlink price analysis on a 4-hour price chart: Bearish trend likely to continue

The 4-hour price chart for LINK shows a downtrend as prices have been on a steady decline. Prices have formed lower highs and lower lows which is an indication of the bearish momentum in the market. The technical indicators reveal a bearish sentiment in the market as well. The RSI indicator is currently at 45.66 and is headed lower which indicates that selling pressure is likely to continue in the market. The MACD indicator is bearish as the signal line is above the candlesticks. The Bollinger bands are seen to be wide, indicating high volatility in the market.

image 411
LINK/USD 4-hour price chart, source: TradingView

Considering the bearish nature of the market, it is expected that the prices might decline further and retest the support levels. If the prices break below $4.5, they can further decline towards $3.5. On the other hand, if the prices manage to sustain above $6, they might climb towards $7.5.The prices are likely to be volatile in the near term before a further direction is established.

Chainlink price analysis conclusion

Chainlink price analysis indicates the market sentiment is currently bearish as prices have been on a decline. The technical indicators are also revealing a bearish sentiment in the market. Therefore, it is expected that the prices might continue to decline in the near term. Investors are advised to remain cautious at this point and should wait for the prices to stabilize before making any decisions.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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