Chainlink price analysis: Bears maintain a downtrend as price declines to $6.69

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis supports bears
  • Resistance is for LINK/USD is present at $9.37
  • Support for LINK is found at $6.44

Chainlink price analysis shows signs of a downtrend, as the price underwent a substantial decline in the last 24 hours. If we analyze the market situation from a general overview, the past few weeks have proved to be highly supportive for the buyers. A constant downtrend has been on the rise, and a similar trend has been observed even today. But this negative situation has provided an opportunity to the buyers waiting for a lower price, as the market price of LINK/USD has come down to a $6.69 low.

The LINK/USD has a strong loss of 20.84% at the time of writing, with a market cap of $3,369,254,820, and a 24-hour trading volume of $1,972,281,604.

LINK/USD 1-day price chart: bearish activity at peak as price levels shrink further

The one-day Chainlink price analysis confirms a bearish trend for cryptocurrency, as the LINK/USD value, is going through a drop. A considerable degree of downfall in coin value is being detected due to rising bearish pressure. If the sellers remain persistent, it can be predicted that the price will lower further in the next few weeks. The price is now standing at $6.69, which is a relatively lower level if we compare it to its moving average (MA) value of $7.96.

image 134
LINK/USD 1-day price chart. Source: TradingView

The volatility is high, suggested by the Bollinger bands. The upper end of Bollinger Bands Indicator is now at the $8.84 position, whereas its lower back is standing at $6.25. The Relative Strength Index (RSI) index has gone down as well and is trading near the under-bought limit now as the score is touching the index of 56.83.

Chainlink price analysis: Bulls are unable to push price action any higher

The four-hour Chainlink price analysis dictates a downtrend, as well as the bears performed overwhelmingly. Although the bulls managed to upgrade coin value in the earlier hours of the day and are trying to elevate the price level at press time as well, the bears have successfully secured their winning position by plunging down the price four hours earlier. The damage has resulted in price devaluation up to the $6.69 mark. If we discuss the moving average indicator, then its value is currently $7.66.

image 135
LINK/USD 4-hour price analysis. Source: TradingView

The Bollinger bands average has moved down to $8.09 because of the constant decreasing trend. The upper band of the Bollinger Bands Indicator is now touching the $9.43 mark, and the lower band is touching the $6.75 mark. The RSI curve is trading in the undersold region at an index of 46.54.

Chainlink price analysis conclusion

To conclude, the Chainlink price analysis is giving support for the sellers, as a consistent drop in LINK/USD value is observed. The price lowered to $6.69 in the last 24 hours, as the bears were leading the game even today. The bearish pressure might persist, leading to a further drop in prices, if the support level at $6.44 holds strong. However, the buyers can aim for a higher price entry point if the resistance level of $9.37 breaks in the coming weeks.

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.
Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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