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ChainLink price analysis: LINK remains dormant at $7.7

ChainLink price analysis: LINK remains dormant at $7.7

TL;DR Breakdown

  • ChainLink price analysis is bullish today.
  • The strongest resistance is present at $7.8.
  • The strongest support is present at $7.2.

ChainLink price analysis for November 1, 2022, reveals the market following an uncertain movement, showing constant momentum, signifying dormancy for the LINK market. The price of ChainLink has remained constant over the past few hours. On October 31, 2022, the price rose from $7.6 to $8.2. However, the market decreased in value soon after and lose more value. Moreover, ChainLink has declined and reached $7.7, just moving onto the $8 mark.

The current price of ChainLink is $7.7, with a trading volume of $517,182,981. Chainlink has been down 6.00% in the last 24 hours. ChainLink currently ranks at #21 with a live market cap of $3,817,821,027.

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 increasing dynamics. The Bollinger’s band’s upper limit is $8.2, which is the strongest resistance point for LINK. Conversely, the lower limit of Bollinger’s band is $7.2, which is the strongest support point 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. However, the LINK/USD price appears to be moving linearly, illustrating a consistent market. The market appears to be showing dormant potential.

image 14
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 56, showing a stable cryptocurrency market. This means that cryptocurrency is in the central-neutral region. Furthermore, the RSI appears to move slightly upward, indicating an increasing market. The dominance of buying activity over selling activity causes the RSI score to increase.

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 $7.8, serving as LINK’s strongest resistance point. Conversely, the lower limit of Bollinger’s band is $6.4, 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. Moreover, the market has decided on a positive approach. As a result, the movement path has shifted today, the price started moving downwards, and 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 Moving Average band of the market.

image 15
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 59, signifying a stable cryptocurrency. This means that the cryptocurrency falls in the upper-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 consistent trend with much room for activity on the positive extreme. Moreover, the market’s current condition appears to be following a neutral approach, as it shows the potential to move to either bullish extreme. The market shows much potential for development towards the increasing 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.

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