Chainlink price analysis: Bearish run brings LINK/USD value down to $6.56

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis appears to be bearish
  • Support for LINK/USD is present at $6.49
  • Resistance for LINK/USD is currently at $6.75

Chainlink price analysis is bearish as the crypto’s value has dropped below $7.00. LINK/USD is currently trading at $6.56 after a brief period of consolidation between $6.70 and $6.80. The LINK/USD pair had earlier found support at $6.49 but was unable to move higher and breached below it. The resistance for LINK/USD lies at $6.75 which if broken can lead to a move towards $7.00.

The Chainlink price analysis has decreased by 2.17 percent in the past 24 hours as the crypto’s value is currently at $6.56. The market capitalization for the crypto is currently at $3.2 billion, and the 24-hour trading volume for LINK is $288 million.

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ChainLink price analysis for 1-day price chart: Support for LINK/USD is present at $6.49

The 1-day Chainlink price analysis chart shows that the crypto has been on a downtrend for the last 24-hours. The crypto had found support at $6.49 but was unable to move higher and breached below it. Currently, LINK/USD is trading close to the support level and a further breach below it can lead to a move towards $6.00.

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LINK/USD 1-day price chart. Source: Source: TradingView

The moving averages shown on the 1-day chart are bearish as the 50-day moving average has crossed below the 200-day moving average. This indicates that the market is in a bearish phase and the prices are likely to continue to fall. The Relative Strength Index is at 36.3 and is close to the oversold zone which indicates that the prices are likely to see a bounce back in the near future. The Bollinger bands are also close to each other which indicates that the market is consolidating and a breakout is likely to happen soon.

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 further declining dynamics. The Bollinger’s band’s upper limit is $7.12, which is also the LINK/USD 4-hour resistance line while the lower boundary at $6.42 coincides with the current market price and immediate support level.

LINK/USD 4-hours price chart. Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) indicator is at the oversold zone with a value of 35.72. This means that LINK is undervalued at the moment and a price rebound may occur in the near term, pushing the asset’s price up to around $7. However, if the RSI keeps falling, it will confirm a downtrend and might lead to a new LINK all-time low. The 50-MA is located at $6.78 and continues to decline while the 200-MA is located much further below at $5.87. This indicates that the general market trend is bearish in the mid-term.

Chainlink price analysis conclusion

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 $6.49 in the near term.

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.

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Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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