Signal price

Bearish run brings LINK/USD value down to $7.75

Chainlink price analysis shows that the market is currently in a bearish state as the price slipped below the $8 level and is currently trading at around $7.75. The market has been in a downtrend for 24 hours and it seems that the bearish momentum is still present in the market. The next level of support for LINK/USD is present at $7.71 and if the price breaks below this level, then it might head towards the $6 level. On the other hand, if the price manages to rebound from the $7.71 level, then it might head towards the $8.06 resistance level.

LINK/USD is down 0.88% in the past 24 hours and is currently trading at around $7.75. Chainlink’s market capitalization is currently $3.6 billion and the 24-hour trading volume is $304 million.


ITB Widget Example

ChainLink Price Analysis for 1 Day: Bearish spell drives LINK prices to lows of $7.75

Chainlink daily price analysis shows that the downtrend appears to be intact as prices slipped to the $7.75 level. The market has been in a downtrend since yesterday and it looks like prices may continue to decline in the near term. The bulls attempted to push prices higher earlier in the day, but they were unsuccessful and the bears regained control of the market.

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

The LINK/USD price appears to be moving below the price of the Moving Average Convergence Divergence Line (MACD), which could mean that the bearish momentum is still present in the market. The Relative Strength Index (RSI) is currently at 44.25, indicating that the market is neither overbought nor oversold. The upper boundary of the Bollinger Band is currently at $6.70 while the lower boundary is at $5.90, suggesting that prices could stay within the range for some time.

Chainlink Price Analysis: Further Price Drop Is Likely

The 4-hour chart for Chainlink’s price analysis shows that the price decline is likely to continue in the near term, as the bearish momentum still seems to be present in the market. The hourly chart also shows that the market has formed a bearish engulfing candlestick pattern which is a bearish reversal signal. Buyers tried to push prices higher but they were unsuccessful and it looks like the market is continuing to decline in the short term.

picture 55
LINK/USD 4 hour price chart. Source: Trading View

The MACD line is currently below the signal line price indicating that the bearish momentum is still present in the market. The RSI is currently at 46.59 indicating that there is still room for the price to drop further. The upper Bollinger Band is moving lower while the lower Bollinger Band is currently flat, suggesting that prices could stay in a range for some time.

Conclusion of Chainlink Price Analysis

Chainlink price analysis reveals that the cryptocurrency is on a strong downtrend with much more room for bearish activity. However, the bears have currently taken over the market and the drop in volatility favors the bears. As a result, they are likely to push prices towards $6 in the near term. However, if the bulls manage to take over the market, we could see prices retest the resistance levels at the $9 level.

Disclaimer. The information provided is not commercial advice. Cryptopolitan.com assumes no responsibility for 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 decision.