Chainlink price analysis shows that LINK prices are currently in a bearish trend as the market trades at $6.40. However, there is some support present at this level, which may provide some relief to the bears. However, if the price breaks below this support, it may fall to $6.38. On the other hand, if the bulls manage to push the prices above $6.80, they may retest the resistance at $7.02. The market opened today at $7.08 and fell to its current $6.40. We can see that the price has made two lower highs and two lower lows, which confirms the bearish trend.
The daily Chainlink price analysis shows that the price has decreased by over 1 percent in the last 24 hours. The market cap now stands at $2,979,518,305, and the 24-hour trading volume is at $433,251,568. We can see that the price has made a new low at $6.38 and found some support at this level.
The MACD shows that the market is in a bearish trend as the MACD line has crossed below the signal line. The current bearish trend will likely continue in the near term as 50-day and 200-day SMA currently stand at $6.79 and $7.21 respectively. The Relative Strength Index is presently at 37.66, which indicates that the market is in oversold territory.
In the last 4-hours, Chainlink‘s price analysis reveals that the prices have been following a declining trendline. The bulls were in control of the market for the last 4-hours as evident from the candlesticks. The market has been trading between $6.38 and $6.80 but is currently facing rejection at $6.80 as per the 4-hour Chainlink price analysis. Meanwhile, the bears seem to be in control of the market as they push prices towards the $6 level.
The RSI indicator is below the 40-level, which indicates that the market is in oversold conditions. The momentum indicators are currently giving bearish signals as the MACD line has crossed below the signal line, and the 50-4-hour SMA has crossed below the 200-4-hour SMA
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 are likely to push prices towards $6 in the near term. However, if the bulls manage to take control of the market, we may see prices retesting the resistance levels at the $7.02 level.
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.