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ChainLink price analysis: LINK depreciates at $6.05 after bearish movement

ChainLink price analysis: LINK depreciates at $6.05 after bearish movement
TL;DR Breakdown
  • ChainLink price analysis is bearish today.
  • The strongest resistance is present at $7.4.
  • The strongest support is present at $5.9.

Chainlink price analysis for July 3, 2022, illustrates the market is following a complete bearish movement. The price of Chainlink has declined significantly over the past few hours; however, the trend has devaluation dynamics now. On July 2, 2022, the price crashed and went from $6.29 to $6.02. However, it gained positive momentum soon after, staying under the $6.1 mark, signifying uncertain bearish momentum. Chainlink maintains a negative movement.

The current price of Chainlink is $6.05, with a trading volume of $246,771,730. Chainlink has been down 1.92% in the last 24 hours. Chainlink currently ranks at #22 with a live market cap of $2,826,234,218.

LINK/USD 4-hour price analysis: Latest developments

Chainlink price analysis reveals the market’s volatility following a decreasing movement. This means that the price of Chainlink is becoming significantly less prone to undergo variable changes on either extreme. The Bollinger’s band’s upper limit is $6.2, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is present at $5.9, which serves as the strongest 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 have been handed to the bears once again. However, the LINK/USD price appears to be moving downward, attempting to break the support in the next few hours.

image 32
LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 42, showing a stable cryptocurrency stock. This means that Chainlink is entering the undervalued region. Furthermore, the RSI appears to move downwards, indicating a gradually decreasing market. The decreasing RSI represents dominant selling activities and possible movement towards cryptocurrency devaluation.

ChainLink price analysis for 1-day

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 Bollinger’s band’s upper limit is $7.4, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is at $5.7, which is 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. However, the less volatile market may prove favorable for the bears as they have good chances of maintaining 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.

image 33
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 downward movement, indicating a decreasing market. Finally, the constant RSI score also means the dominance of selling activities.

Chainlink Price Analysis Conclusion

The Chainlink price analysis reveals the cryptocurrency to follow a strong downwards trend with much more room for bearish activity. However, the bears 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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