Chainlink price analysis: LINK/USD plummets to $7.29 after a bearish spin

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis shows a downtrend
  • LINK/USD faces rejection at $7.57
  • Support for the coin is still at $7.12

Chainlink price analysis has been fairly volatile over the past few weeks, with the coin facing heavy selling pressure and dropping to lows of $7.29 today. Although the downtrend shows no signs of slowing down, there are still some key levels that could provide support for the coin. The bullish was in control of the market for the previous day and it pushed up the price to the $7.57 mark. However, the bears are back in control and they have pushed prices lower yet again.

LINK/USD 1-day price chart: A bearish turn has disrupted the bullish rally, drawing prices back to $7.29

Chainlink price analysis for 1-day charts shows that the recent bullish run appears to have been interrupted. The coin is on a downward trajectory and has fallen from $7.57 to its current level of $7.29, marking a sharp reversal in prices with a decrease of almost 3.72%. The 24-hour trading volume for the coin is also on a downward trend at $3.699 million, and a market cap of $230 million is currently driving the price momentum.

image 101
LINK/USD 1-day price chart. Source: TradingView

The EMA50 and EMA100 are both trending lower and pointing to further downside in prices. The daily RSI for the LINK/USD pair is currently at 54.47 and it appears to be losing momentum. The MACD for the pair is also bearish as the signal line crosses below the histogram.

Chainlink price analysis 4-hour price chart: Recent developments

The four-hour Chainlink price analysis shows that the coin is in a bearish trend and on the verge of breaking below key support levels. There are a few resistance levels that could stave off further declines in prices, including $7.23, However, if these levels are broken, it is likely that the coin will fall to the lower support at $7.12. The moving average convergence divergence for the coin is also showing a downward crossover, indicating that more price declines are likely in the near future.

image 102
LINK/USD 4-hour price chart. Source: TradingView

The EMA50 and EMA100 are both trending lower, with the 50 EMA currently at $7.34 and the 100 EMA at $7.45. To the downtrend, this key moving average will need to be breached to the upside. The RSI for the LINK/USD pair is currently trending higher at 47.78 but still in neutral territory, suggesting that a bullish trend is not yet confirmed. Although there is some downward momentum in the market, there are also some signs of bullish strength that could put a reversal into motion.

Chainlink price analysis conclusion

To sum up, the current trend in Chainlink price analysis is bearish and it seems likely that more declines are on the horizon. However, there are some key levels of support that could help to mitigate any downside momentum in prices. As a result, traders should continue to keep an eye on this coin and be prepared for further volatility and price swings in both directions. In the meantime, it may be best to hold off on any trading until a clearer direction emerges.

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 consultation with a qualified professional before making investment decisions.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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