Chainlink price analysis shows a strong bearish market sentiment as prices lose value to touch $10.06. There is a lot of selling pressure in the market as LINK prices are down by 4.97 percent in the last 24 hours. The market seems to be losing steam and a further downtrend can be expected in the near term. Prices found some support at $9.97 but a break below this level might see prices touch $9.80 levels. The overall market sentiment is bearish and prices might continue to head lower in the near term.
Chainlink (LINK) 24-Hour Price analysis: Bearish market sentiment drags LINK prices lower
Chainlink price analysis in the last 24 hours shows a prevailing downtrend in the overall Chainlink market. The trading volume is on a declining trend and this might be an indication that the sellers are losing steam. The total trading volume for the LINK/USD pair is $401 million and is an indication of a bearish market. The market capitalization is also down by 4.97 percent and this is a sign that the market is in a bearish mood.
The MACD indicator shows a bearish crossover and this is an indication of further downside momentum in the near term. Prices might test the $9.80 levels in the near term as the market sentiment remains bearish. The Moving Averages (MA) are also in a bearish alignment and this is a sign that the market might continue to head lower.
The Relative Strength Index (RSI) indicator shows prices are in oversold territory and a corrective rally might be seen in the near term. However, the overall market sentiment remains bearish and prices might continue to head lower in the near term. The market volatility for the pair is however high due to the current selling action as the Bollinger bands are seen to be widening.
The market might see some consolidation in the near term as prices retrace some of the recent losses. However, the overall market sentiment remains bearish and a further downtrend can be expected in the near term. Prices might test the $9.80 levels in the near term as selling pressure continues to mount in the market.
LINK/USD 4-hour price analysis: Prices continue to head lower
Chainlink price analysis in the last 4 hours shows that prices have continued to head lower as the market sentiment remains bearish. Prices are down by 4.97 percent and this is a sign of further selling pressure in the market. The market volatility in the last 4 hours has been high as indicated by the widening of the Bollinger bands.
The Moving Average Convergence Divergence (MACD) indicator shows a bearish crossover and this is an indication of further downside momentum in the near term. Prices might test the $9.80 levels as the market sentiment remains bearish. The RSI line is pointing downwards and headed to the oversold region and this is an indication of further downside momentum in the market. The current sell-off might see prices touch the $9.80 levels in the near term as selling pressure continues to mount.
Chainlink price analysis conclusion
Bearish market sentiment is evident according to today’s Chainlink price analysis. Bears seem to be mounting more pressure as they target the $9.80 levels in the near term. Volatility is currently high as prices try to find some support at around $9.97 levels. Bulls have failed to defend previous key support zones at $10.40 and $10.20 levels as prices continue to head lower. A further sell-off might see prices touch the $9.80 levels in the near term as the market sentiment remains bearish. Prices might consolidate in the near term before a further downtrend is seen.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-08/