Chainlink price analysis: LINK steps down to meet $6.89 as declining trend grows

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis has been devalued to $6.89
  • Chainlink price analysis confirms a bearish comeback
  • LINK/USD trades in a range of $6.87-7.30 levels

Chainlink price analysis is going down once again as the bears have returned to the price charts. The red candlestick is marking the loss in price, as it has moved down to the $6.89 level in the last 24 hours. The ongoing uptrend in price has been interrupted in this way as a downward price movement has been recorded. The reversal in trends proved to be quite discouraging for the buyers as an upturn in price was expected initially.

image 127
Cryptocurrencies price heatmap, Source: Coin360

The overall market sentiment seems to be bearish at this point, as the declining trend seems to be gaining momentum. However, there is still some hope for a recovery in price as the support level of $6.87 has not been breached yet. It remains to be seen how the market behaves in the coming days and if it can hold up to the current price levels.

LINK/USD 1-day price chart: Bulls lose ground as bears succeed in bringing downfall

The price is experiencing a fall once again as the one-day Chainlink price analysis is indicating a bearish trend for the day. The price has decreased to $6.89 in the last 24 hours, which is not so promising for buyers. The price had been traveling quite steadily during the previous week but today, the trends have shifted as now the bears are at the lead. The Chainlink price has decreased by 5.67% in the last 24 hours, indicating a downtrend for the day. The 24 trading volume is currently at $264 million, while the market cap stands at $3.493 million.

image 125
LINK/USD 24-hour price chart. Source: TradingView

The Moving average convergence divergence (MACD) has been showing a bearish crossover on the one-day chart, which is not good news for buyers. The relative strength index (RSI) is also turning negative, which reflects that the selling pressure on LINK/USD is higher than the buying interest at this point in time. The moving average indicator is currently at the $7.35 mark just above the current price level.

Chainlink price analysis: Bears heighten pressure as prices find support at $6.87

The hourly Chainlink price analysis shows a considerable decrease in LINK/USD price has been observed during the last 4 hours. The price breakout was upwards, but it started to retrace after facing rejection at $7.30. Prices have found some support around $6.87 but it remains to be seen if this will be enough to turn the tide in favor of the bulls. For now, the bears are in control of the Chainlink markets and may continue to push prices lower in the near term.

image 126
LINK/USD 4-hour price chart. Source: TradingView

The MACD indicator on the 4-hour chart is showing a bearish crossover, which indicates further downside for LINK/USD in the coming days. The hourly RSI is also signaling a downward movement as it has dropped below the 50 levels. This indicates that there are more sellers than buyers in the market at this point and prices may continue to fall in the near term. The MA, on the other hand, is hovering just below the current price level and may provide some support in the short term.

Chainlink price analysis conclusion

Chainlink price analysis report shows a downward movement in price as the market conditions have turned bearish. The cryptocurrency is currently trading at $6.89 and it remains to be seen if this level will act as a support for prices. If the bears remain in control, prices may continue to decline in the near term. But the bulls may also make a comeback and push prices higher if they are able to gather enough strength.

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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