Chainlink price analysis shows that the market is currently in a bearish state as the price has slipped below the $8 level and is currently trading at around $7.75. The market has been in a downtrend for the past 24 hours and it seems like the bearish momentum is still present in the market. The next support level 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.
The LINK/USD has decreased by 0.88 percent in the last 24 hours and it is currently trading at around $7.75. The market capitalization of Chainlink is currently at $3.6 billion and the 24-hour trading volume is $304 million.
ChainLink price analysis for 1-day: Bearish spell sinks LINK prices to lows of $7.75
The daily Chainlink price analysis shows that the bearish trend appears to be intact as prices have slipped to the $7.75 level. The market has been in a downtrend since yesterday and it seems like prices may continue to fall further in the near term. The bulls tried to push prices higher earlier today but they failed to do so and the bears took control of the market once again.
The LINK/USD price appears to be moving under the price of the Moving Average Convergence Divergence (MACD) line and this could mean that the bearish momentum is still present in the market. The Relative Strength Index (RSI) is currently at 44.25 which indicates that the market is neither overbought nor oversold. The Bollinger’s band’s upper limit is currently at $6.70 while the lower limit is at $5.90 and this suggests that prices might remain rangebound for some time.
Chainlink price analysis: Further price decline likely
The 4-hour chart for Chainlink price analysis shows that the price decline is likely to continue in the near term as the bearish momentum appears to be still present in the market. The few hours chart also shows that the market has formed a bearish engulfing candlestick pattern which is a bearish reversal signal. The buyers tried to push prices higher but they failed to do so and the market looks like it may continue to head lower in the near term.
The MACD line is currently below the price of the signal line which indicates that the bearish momentum is still present in the market. The RSI is currently at 46.59 which indicates that there is still some room for the price to fall further. The upper Bolinger band is moving lower while the lower Bollinger band is currently flat and this suggests that prices might remain rangebound for some time.
Chainlink price analysis conclusion
Chainlink price analysis reveals the cryptocurrency to follow a strong downwards 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 $6 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 $9 level.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-08-07/