Chainlink price analysis: LINK falls below $6.64 as the market continues to decline

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis suggests a downward movement at $6.64
  • LINK faces strong bearish pressure as the sell-off continues
  • The closest support level lies below $6.48

Chainlink price analysis shows a bearish market sentiment as LINK plummets below the $7.00 level and trades near a critical support line at $6.48. The token has seen a pullback from its weekly high of around $8.20, with buyers struggling to push it back above this resistance level.

It appears that strong bearish pressure is pushing LINK into a downward price spiral, and analysts are expecting that prices may continue to fall even further. The next key support level lies at $6.48, which is essential for bulls who want to see LINK bounce back up again. If this critical level fails to hold, then more losses could be seen in the near future.

On the other hand, if LINK is able to successfully defend the $6.48 support line, then buyers may be able to spark an uptrend and push prices higher. However, it remains to be seen whether bulls can gain enough momentum for a reversal of the trend as LINK continues to remain in bearish territory.

LINK/USD 1-day price chart: Bulls stand helpless as bears dominate

The 1-day price chart for Chainlink price analysis shows the price levels have sunk tremendously today as the price breakout was downwards today, and the price continues to go down. The LINK/USD pair is trading hands at 6.64 at the time of writing, losing another 1.74 percent today. As the coin is one downfall, the crypto pair is also showing a loss of 4.69 percent over the past week, as for the last seven days, bears ruled the market, and a bullish lead was observed for only one day. The trading volume has increased by 12 percent over the last 24 hours, while the market cap is currently at $3.36 billion, according to Coinmarketcap.

image 243
LINK/USD 1-day price chart, source: TradingView

The Relative Strength Index (bearish) is currently heading below the equilibrium range after illustrating a case of bearish divergence ahead. The Moving Average Convergence Divergence is at the edge of the bearish region, as it is heading downwards after showing a sign of bearish divergence. The 20-EMA is currently below the 50-EMA, while both averages are facing south. The EMA ribbon is also showing a bearish formation, and the indicators suggest that bears will remain in control of the LINK/USD pair for some time.

Chainlink price analysis: Bears remain in control at the time of writing

At the time of writing, Chainlink price analysis suggests that bears remain in control over the LINK/USD pair. The $6.48 is proving to be an important support level as buyers are struggling to push past this resistance and spark a reversal of the trend. It remains to be seen whether bulls can gain enough momentum to turn the market around, or if LINK will continue to fall below this support level. However, traders and investors should be aware of possible volatility in the near future as prices may rapidly move up and down. It is important to monitor closely before making any decisions based on price movements.

image 242
LINK/USD 4-hour price chart, source: TradingView

The relative strength index (RSI) has entered the undersold zone recently, and its curve is downwards as of now as it is showing a score of 40.46. The RSI curve indicates the high selling activity in the market and the great bearish pressure that has engulfed the price action. The 19-EMA and 50-EMA are currently below the 200-EMA, and all three averages are pointing downwards. The MACD line is also heading downwards as it is demonstrating bearish divergence with its signal line. Additionally, The MACD line (blue) is above the signal line and is heading south, indicating that sellers are still present and that this trend could continue for some time.

Chainlink price analysis conclusion

The Chainlink price analysis suggests that most of the technical indications are giving bearish signals and that LINK is likely to continue the downward trend if buyers fail to break through the $6.48 support level. However, with increased volatility and sharp movements in price action, it is important to monitor closely and make decisions carefully.

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.

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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