logo

ChainLink price analysis: LINK devalues at $6.8 after strong bearish interference

ChainLink price analysis: LINK devalues at $6.8 after strong bearish interference
TL;DR Breakdown

ChainLink price analysis is bullish today.

The strongest resistance is present at $8.3.

The strongest support is present at $6.4.

ChainLink price analysis for September 3, 2022, reveals the market following a shaky bullish movement, obtaining massive negative momentum, signifying a decline for the LINK market. The price of ChainLink has remained negative over the past few hours. Today, the price crashed and went from $7.17 to $6.7. However, the market started to increase in value soon after and regained most of its value. Moreover, ChainLink has increased and reached $6.8.

The current price of ChainLink is $6.8, with a trading volume of $246,555,394. Chainlink has been down 3.80% in the last 24 hours. ChainLink currently ranks at #23 with a live market cap of $3,354,923,958.

ITB Widget Example

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 $7.1, which is the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is $6.4, another LINK’s strongest support point.

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 downwards, illustrating a decreasing market. The market appears to be almost broken, which could trigger a reversal movement; there might still be hope for the bulls yet.

image 39
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 51, showing a stable cryptocurrency stock. This means that the cryptocurrency falls under the central neutral region. Furthermore, the RSI appears to move linearly, indicating a consistent market. Finally, the equivalence of selling and buying activity causes the RSI score to remain constant.

ChainLink price analysis for 1-day

ChainLink price analysis reveals the market’s volatility following a decreasing 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 $8.3, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is $5.8, which is the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bearish movement. Moreover, the market’s trend seems to have shown bearish dynamics in the last few days. As a result, the market has decided on a negative approach. However, yesterday the market started on a positive movement, only to move again to a declining movement, and the market started closing its volatility, and the price started moving downwards.

image 40
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 44, signifying a stable cryptocurrency. This means that the cryptocurrency falls into the lower neutral region. Furthermore, the RSI path seems to have shifted to a downward movement. The declining RSI score also means dominant selling activities.

ChainLink Price Analysis Conclusion

Chainlink price analysis reveals the cryptocurrency follows a strong downward trend with much room for further activity on the declining extreme. Moreover, the market’s current condition appears to be following a negative approach. Therefore, we can assume that the bears will start making their moves soon to maintain their control over the market.

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.

Related News

Hot Stories

FEG Token Price Prediction 2022-2031: Will the FEG Price Go Up?
XVG Price Prediction 2022-2031: Is Verge a Good Investment?
BitTorrent Price Prediction 2022-2031: Is BTT a Good Investment?
Cardano Price Prediction 2022-2031: Is ADA a good investment?
BITO Price Prediction 2022-2031: Is BITO a Good Buy?

Follow Us

Industry News

Kenyan Central Bank reiterates stance on crypto
Is the demand for crypto as a payment method declining?
Why is the BoycottBinance hashtag trending today on Twitter?
Financial Empowerment through Bankless Systems
Weekly Crypto Price Analysis: BTC, ETH, SOL, XRP, and ADA