logo

ChainLink price analysis: LINK declines to $7.5 after strong bearish interference

ChainLink price analysis: LINK declines to $7.5 after strong bearish interference

ChainLink price analysis for October 7, 2022, reveals the market following a complete bearish 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 $7.8 to $7.6. Moreover, the market remained at this value and is currently present at $7.5

The current price of ChainLink is $7.5, with a trading volume of $352,678,854. Chainlink has been down 2.35% in the last 24 hours. ChainLink currently ranks at #22 with a live market cap of $3,725,669,589.

LINK/USD 4-hour price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following a closing movement. This means that the price of ChainLink is becoming less prone to the movement towards either extreme, showing further breakout dynamics. The Bollinger’s band’s upper limit is $7.9, which is the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is $7.5, which is the strongest support 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 downwards, illustrating a decreasing market. The market appears to have broken yesterday, which triggered a reversal movement; there might still be hope for the bulls yet.

image 88
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 45, showing a stable cryptocurrency stock. This means that the cryptocurrency falls in the lower neutral region. Furthermore, the RSI appears to move downwards, indicating a decreasing market. Finally, 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 $8.2, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is $6.8, 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 bullish dynamics in the last few days. However, the market has decided on a negative approach. Moreover, yesterday the market started on a declining movement, only to move again to a declining movement, and the market started closing its volatility, and the price started moving downwards.

image 89
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 50, signifying a declining cryptocurrency. This means that the cryptocurrency falls into the central-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

Bitcoin price analysis: BTC slowly forms consolidation around $17,000,looks to break higher
Ethereum price analysis: ETH takes a leap forward to $1,273 as bullish momentum intensifies
Polkadot price analysis: DOT turns bearish again after pulling back up to $5.35, what’s next?
Bitcoin, Binance Coin, Polygon, and Litecoin Daily Price Analyses – 1 December Morning Prediction
Uniswap price analysis: Price progresses to $5.82 level as a result of bullish run

Follow Us

Industry News

OpenSea ends 2022 with major partnerships and $1B in NFT royalties
Dealbook interview: New York Times continues to defend SBF & FTX collapse
Terra’s Do Kwon former colleagues targeted by the  latest arrest warrant
Sam Bankman-Fried first ever interview after FTX collapse
PoW crypto mining banned by NY governor: Will mining become extinct? 

Add Your Heading Text Here