logo

ChainLink price analysis: LINK breaks past resistance at $7.5

ChainLink price analysis: LINK breaks past resistance at $7.5

ChainLink price analysis for October 30, 2022, reveals the market following a downward movement, showing bearish momentum, signifying the negativity of the LINK market. The price of ChainLink has remained increasing over the past few hours. On October 29, 2022, the price reached $7.6 from $7. However, the market decreased in value soon after and lost more value by reaching $7.5. Moreover, ChainLink has lost some value and reached $7.5, just moving onto the $7 mark.

The current price of ChainLink is $7.5, with a trading volume of $729,227,197. Chainlink has been up 5.46% in the last 24 hours. ChainLink currently ranks at #22 with a live market cap of $3,732,570,635.

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 increasing dynamics. The Bollinger’s band’s upper limit is $7.7, which is the strongest resistance point for LINK. Conversely, the lower limit of Bollinger’s band is $6.6, which is the strongest support point for LINK.

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. However, the LINK/USD price appears to be moving downward, illustrating a further decreasing market. The market appears to be showing bearish potential.

image 418
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 62, showing an inflated cryptocurrency market. This means that cryptocurrency is above the upper-neutral region. Furthermore, the RSI appears to move downward, indicating a decreasing market. The dominance of selling activities over buying activities causes the RSI score to decrease.

ChainLink price analysis for 1-day

ChainLink price analysis reveals the market’s volatility following an increasing movement, which means that the price of ChainLink is becoming more prone to experience variable change on either extreme. The Bollinger’s band’s upper limit is $7.5, serving as another support point for LINK. Conversely, the lower limit of Bollinger’s band is $6.5, which is the strongest support point for LINK.

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 have shown bullish dynamics in the last few days. However, the market has decided on a negative approach. As a result, the movement path has shifted today, the price started moving downward after breaking the resistance band of the market. The market started opening its volatility. This change has played a crucial role in the development of ChainLink. However, the price attempts to move toward the support band of the market.

image 419
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 57, signifying a stable cryptocurrency. This means that the cryptocurrency falls in the central-neutral region. Furthermore, the RSI path seems to have shifted to a downward movement. The decreasing RSI score also means dominant selling activities.

ChainLink Price Analysis Conclusion

Chainlink price analysis reveals that the cryptocurrency follows a decreasing trend with much room for activity on the negative extreme. Moreover, the market’s current condition appears to be following a massive declining approach, as it shows the potential to move to a bearish extreme. The market shows much potential for depreciation towards the decreasing end of 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

Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Coinbase blames Apple's new policies on disabled NFT transfers
Request Price Prediction 2023-2031: Is REQ a good buy?
Russian bank infuses metamask into its blockchain
Bitcoin price analysis: BTC slowly forms consolidation around $17,000,looks to break higher

Follow Us

Industry News

Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain
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

Add Your Heading Text Here