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Chainlink price analysis: LINK devalues at $6.3 after bearish movement

Chainlink price analysis: LINK devalues at $6.3 after bearish movement
TL;DR Breakdown
  • ChainLink price analysis is bearish today.
  • The strongest resistance is present at $7.7.
  • LINK trades at $6.3 at the time of writing.

ChainLink price analysis for July 26, 2022, reveals the market following a complete bearish movement, obtaining significant negative momentum, signifying a gain of negativity for the LINK market. The price of ChainLink has remained negative over the past few hours. Today, the price crashed and went from $6.7 to $6.3. However, the market started to increase in value soon after and regained most of its value. Moreover, ChainLink has increased and reached $6.32, just shying away from the $6.5 mark.

The current price of ChainLink is $6.3, with a trading volume of $386,082,479. Chainlink has been down 6.83% in the last 24 hours. ChainLink currently ranks at #24 with a live market cap of $2,955,548,797.

LINK/USD 4-hour price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following an opening movement. This means that the price of ChainLink is becoming more prone to the movement towards either extreme, showing increasing dynamics. The Bollinger’s band’s upper limit is $7.2, which is the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is $6.34, which is another resistance 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 be dominated by bears. The LINK/USD price appears to be moving downward, illustrating a decreasing market. The market appears to be showing bearish potential, but the trend might shift soon in favoring a positive movement, as the market has broken.

image 266
LINK/USD 4-hour price chart source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 32, showing an undervalued cryptocurrency stock. This means that the cryptocurrency falls into the devaluation region. Furthermore, the RSI appears to move downwards, indicating a decreasing market. The dominance of selling activity causes the RSI score to decrease.

ChainLink price analysis for 1-day

ChainLink price analysis reveals the market’s volatility following an increasing movement, which means that the price of ChainLink is becoming more prone to experience variable change on either extreme. The Bollinger’s band’s upper limit is $7.2, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is at $5.8, 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. On the other hand, the market’s trend seems to have shown bullish dynamics in the last few days. On the contrary, the market has decided on a negative approach. However, yesterday the market broke, and the market started opening its volatility. This change could’ve played a crucial role in the development of ChainLink.

image 267
LINK/USD 1-day price chart source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 45, signifying a stable cryptocurrency. This means that the cryptocurrency falls in the central neutral region. Furthermore, the RSI path seems to have shifted to a downward movement. The decreasing RSI score also means dominant selling and buying activities.

ChainLink Price Analysis Conclusion

Chainlink price analysis reveals the cryptocurrency follows an uncertain trend with much room for activity on either extreme. Moreover, the market’s current condition appears to be following a negative approach, as it shows the potential to move to either extreme. Therefore, we can assume that the bears will start making their moves soon and engulf the market completely.

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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