Chainlink price analysis: LINK falls to $6.400, can the bulls hold the level

TL;DR Breakdown

• Chainlink price analysis suggests stability at the $6.200-6.400 price region
• The closest support level lies at $6.400
• LINK faces resistance at the $6.600 and the $6.701 mark

The Chainlink price analysis shows that the LINK price action has fallen to the $6.400 mark as bears take hold of the market. 

The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include XCN and TON, recording a 7.19, and a 6.63 percent decline, respectively.

Chainlink price analysis: LINK returns to $6.400

The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows steady bearish momentum as observed in the medium height of the histogram. On the other hand, the indicator’s lighter shade suggests that the bearish momentum has started to decline as the price action finds support at the $6.400 mark.  

The EMAs are currently trading below the mean position as net price movement over the last ten days remains negative. However, as the two EMAs start to converge, the 12 EMAs has started to show an upwards rotation suggesting an increasing buying potential. At press time, both EMAs are headed downwards suggesting strong selling activity. 

The RSI has been trading in the neutral region for some time but it was trading above the mean level for the past 14 days. Now, the index has fallen to the 39.59 unit level where it hovers momentarily. The indicator issues no signals at the moment while the horizontal movement suggests a struggle for dominance between the bulls and the bears. 

The Bollinger Bands are expanding at the momentum to facilitate the recent bearish movement. However, the price finds support at the $6.400 mark which may enable the bulls to stabilize the price action again. At press time, the indicator’s bottom line provides support at $6.388 while the mean line presents a resistance level at the $6.701 mark.

Technical analyses for LINK/USDT

Overall, the 4-hour Chainlink price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, only one of the indicators supports the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Chainlink price analysis shares this sentiment and also issues a sell signal with 15 indicators suggesting a downward movement against only three of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists for the asset across the same timeframe. Meanwhile, eight indicators remain neutral and do not issue any signals at press time

What to expect from Chainlink price analysis?

The Chainlink price analysis shows that strong rejection at the $7.00 mark, enabled the bears to initiate a rally causing the price to drop to the $6.400 mark. However, the bulls find short-term support at a level that may make things difficult for the bears. 

Traders should expect LINK to stabilize at the $6.4000 price level as strong support lies at the level. However, the mid-term technicals are strongly bearish suggesting further downward movement. In case of a bearish breakdown, the next support level lies at $6.200 and then down below at the $5.600 mark