Recent Chainlink price analysis shows that the digital currency has been on a bearish run, with prices fluctuating around $6.97. Support for the LINK/USD pair is present at $6.97, while resistance is seen at $7.36.
Chainlink (LINK) prices have been fluctuating around the $6.97 mark after a bearish run over the past few hours. The digital currency has decreased by around 4.92% over the past 24 hours, The digital currency has a market capitalization of $3.2 billion, and its 24-hour trade volume is $329 million.
LINK/USD 1-day price chart: Bearish turn disrupts bullish rally as price draws back to $6.97
The daily Chainlink price analysis indicates that the price decline appears to have been caused by a bearish turn in the market. The LINK/USD pair had broken out of a descending triangle pattern at the time of writing as bulls took control of the market. The breakout saw the pair surge to highs of $7.36 and a low of $6.97 was formed.
The daily RSI for the LINK/USD pair is currently at 49.20 and it appears to be losing momentum. The MACD for the pair is also bearish as the signal line crosses below the histogram. The 50-day moving average (MA) is currently at $7.37 and it is flat. The 200-day MA is currently at $6.68 and it appears to be trending upwards.
The 4-hour Chainlink price analysis confirms the market has formed a bearish engulfing candlestick pattern. The LINK/USD pair is currently trading below the $7.00 mark and it looks like the bears are in control of the market.
The bears have seen taking control of the market as the 4-hour Relative Strength Index (RSI) for the LINK/USD pair is currently below the 50.00 level. The 4-hour MACD is moving away from the centerline in the bearish territory. The bears are in control of the market as the prices are trading below the Moving average indicator.
To conclude, the recent Chainlink price analysis shows that the market is in a bearish state as the prices have declined after a brief period of bullish momentum. The technical indicators for the LINK/USD pair are currently bearish, which supports a further decline in prices. The digital currency has strong support at $6.97 and if this level holds, we could see the prices rebound in the short term. However, if the bears take control of the market, we could see the prices decline to $6.50 levels.
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