Chainlink price analysis: Bearish momentum stops LINK ascension above $6.35

Chainlink price analysis

TL;DR Breakdown

  • Today’s Chainlink price analysis shows a bearish trend
  • Support for LINK/USD is present at $5.72
  • Chainlink price analysis is trading at $6.18

Chainlink price analysis reveals the current state of the market for LINK tokens has been experiencing a bearish trend over the past few hours, with support levels being tested at $5.72 and resistance levels remaining slightly above $6.35. Despite this recent downturn, there are some signs that the bearish momentum may be starting to subside, which could mean an upward price movement in the near future.

Today, the price levels dropped down to $6.27, However, the losses are in control up till now. The bulls have also been observed making their efforts for recovery, yet today’s trends have been in the favor of bears trying to go below $6.35, but there is a possibility for the trend to turn bullish anytime.

Chainlink price analysis 1-day price chart: LINK faces bearish upset at $6.18

The one-day Chainlink price analysis is dictating a slight decrease in Chainlink‘s price after the market faces a bearish upset at $6.35, and the price decreased to $6.27. The small red candlestick is indicating a minor loss in the value as the trend lines suddenly move downwards. The LINK/USD has decreased by more than 6.24% in the last 24 hours, With a 24-hour trade volume of $422 million. The overall market capitalization has decreased by more than 2.42 percent in the last 24 hours and currently, it is at 3.06 billion USD.

image 237
LINK/USD 1-day price analysis. Source: TradingView

The volatility as observed is still high, which is a promising signal for buyers in the future. The Bollinger band upper value is present at $7.08, and the lower value is $5.79. The moving average (MA) is $7.08 whereas the average Bollinger’s value is $6.26, in the one-day LINK/USD chart. The Relative Strength Index (RSI) graph is showing a little downward movement with a value going down to index 52.41.

Chainlink price analysis: Recent developments and further technical indications

The 4 hours candlestick chart displaying Chainlink price analysis reveals loss for cryptocurrency holders today. The past few hours have been crucial for cryptocurrency, as the price levels kept on falling until they reached the level of $5.72, and then support appeared and the price has recovered back up to the $6.27 mark.

image 238
LINK/USD 4-hour price chart. Source: TradingView

The moving average (MA) has been $6.18 just below the current price. The trend line is following an ascending motion, with the volatility still decreasing on an hourly basis as the upper Bollinger band has reached $6.18, and the lower band is at $5.76. The RSI started to recover after going through a considerable amount of decline as well until it reached the back at index 37.66.

Chainlink price analysis conclusion

Chainlink price analysis reveals that today, Chainlink’s price has received a bearish shock after it lowered to $6.27. Bullish might appear if the support levels hold strong and this price trend reverses. However, there are a few other technical indicators that suggest an upward move may be on the horizon.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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