Chainlink’s price analysis suggests a bearish trend today as the price declined to the $5.73 level. Recent market action has seen the price of Chainlink decline significantly over the past few weeks, and it seems that this trend could continue in the short term. The support for the LINK/USD pair has been broken at the $5.68 level, pushing the price lower. The resistance is currently at the $5.84 level. To make any meaningful recovery, LINK needs to break the $5.73 level and stay above it for some time.
LINK/USD 4-hour price chart: Chainlink price finds resistance at $5.84
The 4-hour Chainlink price analysis suggests that the bears are in control and there could be more downside pressure. LINK shows a loss in price value amounting to 1.62 percent in the last 24 hours and 2.4 percent in the last 7 days. The 24-hour trading volume is also in the red, indicating that there is selling pressure, and is currently at $164,480,838, while the market capitalization is trading at $2,910,571,601.
The moving average convergence and divergence (MACD) show a bearish crossover, and the RSI is also declining, suggesting that the MACD is also bearish with a negative divergence forming. The RSI is also in bearish territory, indicating that the bears are in full control and that any attempt at a rally could be short-lived. The market’s volatility is also low, suggesting that the market is in consolidation mode. The upper band of the Bollinger Bands indicator is at $5.8468, representing the strongest resistance, on the other hand, the lower band is at $5.596, representing the strongest support for the LINK.
Chainlink price analysis 1-day chart: Latest developments
The daily price chart also suggests that the bears are in full control and that the LINK/USD pair could continue to move lower. The next support level is at $5.68, while the resistance is currently at $5.84. Further losses could see the price of LINK drop to the next support level at $5.64 and below that, it could push to the $5.5 level.
Technically, the Bollinger band indicator indicates decreasing volatility, with the upper band at $6.1729 setting the new resistance and the lower band at $5.4645 suggesting the new support for the trading session. Moreover, the MACD has also formed a death cross, which is a bearish sign. Therefore, the relative strength index (RSI) indicator suggests a bearish trend in the short term, and investors should be cautious when trading LINK. For traders, it is important to maintain tight stop-losses as the trend could reverse anytime and any attempt at recovery could be short-lived
Chainlink price analysis conclusion
In conclusion, it appears that Chainlink is in a bearish trend, and any attempts at recovery could be met with strong selling pressure. Traders should be patient and wait for a clear sign of a reversal before entering into any positions. The bears are expected to make a move soon; as the support breaks, the bulls gain a substantial chance to retake the market and raise the value of Chainlink. It will be interesting to see how the market moves in the near future.
