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Chainlink price analysis: LINK crashes to $7.19 after a tremendous bearish period

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis shows a bearish today
  • Support for LINK is present at $7.17
  • Resistance LINK/USD is found at $7.70

Chainlink price analysis for today shows that LINK/USD has crashed to $7.19 after a strong bearish period. The LINK token had found some support at $7.17, and the resistance was found at $7.70, and if the bears continue to pressure the market, we could see LINK/USD head toward $6.60 while the bulls try to push the market up, we could see Chainlink price head towards $8.00.

The Chainlink token has been on a bearish trend for the last two days, as it has lost around 5.28 percent of its value. The LINK token started the day trading at $7.32 and reached a high of $7.70 before the bears took control and pushed the market down to $7.19, which is where it currently trades.

Chainlink price analysis 24-hour price chart: LINK falls back to $7.19

The 24-hour price chart for Chainlink shows that the coin has been on a bearish trend over the last 24 hours as the bulls have been trying to push the market up but have so far been unsuccessful as the bears continue to pressure the market. The 24-hour trading volume for the LINK token is $417 million, and the market capitalization is $3.53 billion.

image 155
LINK/USD 1-day price chart. Source: TradingView

The 1-day Moving average convergence divergence for Chainlink is currently showing a bearish trend as the price is below the signal line and the MACD line is below the zero line. The Relative Strength Index for Chainlink is currently at 59.34 and shows that the market is currently in oversold territory. The EMA for Chainlink is currently at $7.46 and is heading towards the EMA 50, which is at $7.37, while the EMA 200 is far away at $7.50.

LINK/USD 4-hour price chart: Drop-in price recorded as bears attempt to lead

The 4-hour price chart for Chainlink price analysis shows the price is going down once again after the bears managed to secure grounds on the Candlestick chart. The price breakout was upward at the $7.70, $7.60, and $7.50 mark as the bulls managed to push the market up but were quickly met by the bears, who pushed the market back down. Further decline in the upcoming hours is to be expected, and the price might go lower than its current level, 7.17.

image 156
LINK/USD 4-hour price analysis. Source: TradingView

The Exponential Moving Average for Chainlink on the 4-hour timeframe is currently at $7.42, which confirms a major bearish pressure on price movement. The MACD indicator is currently in the bearish zone as the signal line is well below the MACD line, and a further bearish crossover is about to take place. The RSI score has declined sharply in the last 4-hours to index 42.92 as well, hinting at the selling activity in the market.

Chainlink price analysis conclusion

To conclude, The price has undergone a loss in the last 24 hours, as has been confirmed from the 1-day and 4-hour Chainlink price analysis. The bears are striving to maintain their upper position on the price charts and have taken the price down to the $7.19 level. Further decrease in the coin value is highly possible in the coming hours, as the hourly prediction favors the bearish trend after a steady decline in the coin’s value.

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.

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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