Chainlink’s price analysis for today shows LINK/USD crashing to $7.19 after a steep period of decline. The LINK token had found support at $7.17, and resistance was found at $7.70, and if the bears continue to pressure the market, we could see LINK/USD heading towards $6.60 as the bulls try to drive the market higher, we might see Chainlink price heading towards $8.00.
The Chainlink token has been trending down over the past two days as it lost around 5.28% of its value. The LINK token started the trading day at $7.32 and rose to a high of $7.70 before the bears took control and drove the market down to $7.19, where it is currently trading.
The 24 hour price chart for Chainlink shows that the coin has been trending down over the past 24 hours as the bulls have attempted to drive the market higher but have so far been unsuccessful as the bears continue to put pressure on the market. The 24-hour trading volume for the LINK token is $417 million and the market capitalization is $3.53 billion.
The 1-Day Moving Average Convergence Divergence for Chainlink is currently trending down as the price is below the signal line and the MACD line is below the zero line. The Relative Strength Index for Chainlink is currently at 59.34 and shows that the market is currently in oversold territory. The EMA for Chainlink is currently at $7.46 and is heading towards the 50 EMA, which is at $7.37, while the 200 EMA is a long way off at $7.50.
LINK/USD 4-hour price chart: Price decline recorded as bears try to take the lead
The 4-hour price chart for Chainlink price analysis shows the price falling again after the bears managed to secure ground on the candlestick chart. The price breakout was higher at $7.70, $7.60 and $7.50 as the bulls managed to drive the market higher but were quickly met by the bears, who pushed the market back. Further decline in the coming hours is to be expected, and the price might drop lower than its current level of 7.17.
Chainlink’s 4-hour exponential moving average is currently at $7.42, confirming major downside pressure on price movement. The MACD indicator is currently in the bearish zone as the signal line is well below the MACD line, and a new bearish crossover is about to take place. The RSI score also declined sharply over the past 4 hours to 42.92, hinting at selling activity in the market.
To conclude, the price has suffered a loss in the past 24 hours as confirmed by Chainlink 1-day and 4-hour price analysis. The bears are struggling to maintain their top position on the price charts and have pulled the price back to the $7.19 level. A further decline in the coin’s value is highly possible in the coming hours, as the hourly prediction favors the downtrend after a steady decline in the coin’s value.
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