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ChainLink price analysis: LINK starts a declining movement at $7.2

ChainLink price analysis: LINK starts a declining movement at $7.2
TL;DR Breakdown
  • ChainLink price analysis is bullish today.
  • The strongest resistance is present at $7.7.
  • The strongest support is present at $6.6.

ChainLink price analysis for September 5, 2022, reveals the market following a complete 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 $7.3 to $7.0. However, the market started to increase in value soon after and regained most of its value. Moreover, ChainLink has increased and reached $7.2.

The current price of ChainLink is $7.2, with a trading volume of $344,504,362. Chainlink has been up 0.39% in the last 24 hours. ChainLink currently ranks at #23 with a live market cap of $3,550,672,212.

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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 $7.3, which is the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is $6.6, another LINK’s strongest support point.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. The LINK/USD price appears to be moving upwards, illustrating an increasing market. The market appears to be almost broken, which could trigger a reversal movement; there might still be hope for the bulls yet.

image 71
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 61, showing a slightly overvalued cryptocurrency stock. This means that the cryptocurrency falls under the lower neutral region. Furthermore, the RSI appears to move downward, 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 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 $7.7, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is $6.1, 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 bullish movement. Moreover, the market’s trend seems to have shown bullish dynamics in the last few days. As a result, the market has decided on a positive approach. However, yesterday the market crossed the moving average, the market started closing its volatility, and the price started moving upwards.

image 72
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 51, signifying a stable cryptocurrency. This means that the cryptocurrency falls into the central neutral region. Furthermore, the RSI path seems to have shifted to an upward movement. The increasing RSI score also means dominant buying 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.

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