Chainlink(LINK) Price Poised for a 30% Recovery But Bears Keep Up their Dominance

Chainlink price analysis is bearish today, following the recent breakdown below $7. The LINK/USD pair is now trading at $6.83 and facing resistance at $7.5. On the other hand, prices have support at $5.6. A break below this level could see LINK/USD drop to $5. Currently, the bears are in control of the market as they are pulling LINK price down.

LINK/USDT Price Analysis for Long Term

The daily chart of shows that it has been bearish for the past 24 hours as it declines by a 7.85%.On the daily chart, we see that LINK prices have been rising in recent days since yesterday the prices started to decline drastically making a 7% decrease in price.

The price is currently trading near the $6.83 level and if the prices continue to decline we might see it break the $5.6 support level.

The MACD shows that the market is bearish as the Signal line is below the MACD line. The RSI shows that the market is almost reaching the oversold region as it is currently at the 53.38 level.

The support levels are at $6.0 and $6.5 while the resistance levels are at $7 and $7.5.

The upper Bollinger band has crossed below the 20-day moving average which is a bearish signal. The parabolic SAR shows that the market is bearish as the dots are above the candlesticks.

The price is currently trading at $6.83 and is facing resistance at $7.5. On the other hand, prices have support at $5.6. A break below this level could see LINK/USD drop to $5. Currently, the bears are in control of the market as they are pulling LINK price down.

However, in the long-term, ChainLink is expected to recover as prices start to rise once again.

LINK/USDT Price Analysis for Short Term

Chainlink has been one of the top performers in the cryptocurrency market, however, in the past 24 hours, it has seen a sharp 7.85% decline. On the 4-hour chart, we see that the altcoin price has been in a downward trend for the past few hours. The prices are currently trading near the $6.83 level and if the prices continue to decline we might see them break the $5.6 support level.

• The MACD shows that the market is bearish as the Signal line is above the MACD line.
• The RSI shows that the market is almost oversold as it is currently at the 46.55 level.
• The support levels are at $6.5 and $6.0 while the resistance levels are at $7 and $7.2.
• The upper Bollinger band has crossed below the 20-day moving average which is a bearish signal.

Chainlink price is expected to continue its decline in the short term as the bears remain in control of the market. Prices have support at $5.6, however, a break below this level could see prices drop to $5. Currently, the bears are in control of the market as they are pulling LINK prices down. In the medium term, Chainlink is expected to remain bearish as prices continue to decline.

LINK price analysis reveals the cryptocurrency to follow a strong downward trend with much more room for bearish activity. However, the bears have currently taken over the market, and the declining volatility favors the bears.

 As a result, they are likely to push prices towards $5 in the near term. However, if the bulls manage to take control of the market, we may see prices retesting the resistance levels at the $7 level.