logo

ChainLink price analysis: LINK loses value at $6.1

ChainLink price analysis: LINK loses value at $6.1

TL;DR Breakdown

  • ChainLink price analysis is bearish today.
  • The strongest resistance is present at $8.9.
  • The strongest support is present at $5.9

ChainLink price analysis for November 13, 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 to $6.5. However, the market started to further decrease in value soon after, as the cryptocurrency already loses more of its value. Moreover, ChainLink has decreased and reached $6.1, just shying away from the $6.5 mark.

The current price of ChainLink is $6.1, with a trading volume of $348,971,130. Chainlink has been down 3.24% in the last 24 hours. ChainLink currently ranks at #21 with a live market cap of $3,040,017,750.

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 further increasing dynamics. The Bollinger’s band’s upper limit is $8.9, which is the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is $5.9, which acts as 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 be broken, which could trigger a reversal movement; there might still be hope for the bulls yet.

image 227
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 36, showing a slightly undervalued cryptocurrency stock. This means that the cryptocurrency falls under the lower neutral region. Furthermore, the RSI appears to move downwards, indicating a declining market. The dominance of selling activities causes the RSI score to decline.

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 $8.9, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is $5.9, 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. Moreover, the market’s trend seems to have shown bearish dynamics in the last few days. As a result, the market has decided on a negative approach. However, yesterday the market broke, the market started opening its volatility, and the price started moving downwards.

image 228
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 40, signifying a stable cryptocurrency. This means that the cryptocurrency falls in the lower 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 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

Hermes set to commence trademark infringement trial
Beginner's Guide to Social DAOs: How to Join And More
UK regulator targets FTX-linked charity
Binance blocks several accounts tied to Bitzlato’s investigation
Frontrunners and MEV Explained: How to Beat the Bots

Follow Us

Industry News

Hermes set to commence trademark infringement trial
UK regulator targets FTX-linked charity
Mining Bitcoin just got a lot harder—see why
Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations

Add Your Heading Text Here