A downward price movement was observed today, and the most recent Chainlink price analysis indicates a bearish tendency. The market has been moving in a bullish direction for the past few days, but since yesterday, when bearish pressure resumed and the price slope changed once more to the downside, the price has experienced a significant drop. Similar behavior was seen today as well; despite the price breaking lower, bulls are vying for the lead, and the price is currently rising again, but the overall pattern for the day is still bearish, and the LINK/USD exchange rate has dropped to $7.50.
LINK/USD 1-day price chart: Value of cryptocurrency declines as bears gain ground
Given that the bears have continued to dominate the price chart even today, the one-day Chainlink price analysis supports the cryptocurrency’s downward trajectory. The market value of LINK/USD has experienced some very favorable periods recently. As the price has dropped to $7.50, the pattern today has once again shown to be unfavorable. The moving average (MA) number has also increased to $7.27 in this time frame.
The volatility indicator predicts future patterns, so it is possible that the downtrend will be stopped in the near future with the next support level at $740. While the lower value of the Bollinger Bands indicator, $6.60, represents the strongest support, the higher value, $7.37, represents the strongest resistance. Due to the bearish tendency, the Relative Strength Index (RSI) score decreased to index 55, but the slope is not steep.
Chainlink price analysis: Recent developments and further technical indications
Given that the selling momentum accelerated at the beginning of the current trading period, the 4-hour Chainlink price analysis reveals that the price has experienced a further loss. As the bulls haven’t yet succeeded in recouping the loss, the sellers appear to be quite busy in the market. The price has dropped to $7.50 as a result of strong negative pressure, which is a concerning development. After briefly falling below the MA value of $7.53, the price has since retraced its steps and is now close to the volatility indicator’s middle line.
At the same time, as the bulls have taken the lead again, the last four hours were not so discouraging for the bulls. If we discuss the Bollinger bands values, then its upper value is found to be at $7.6, and its lower value is at $7.23 below the price level, which represents support for LINK. The RSI curve is showing a horizntal movement, and the score has been reduced to index 58 after the recent sell-off.
Chainlink price analysis conclusion
The price of Chainlink has decreased even more today, according to the 1-day and 4-hour Chainlink price analyses. The price has decreased to $7.50. Although the bulls are vying for the lead right now, the market is currently under the general control of the sellers after another bearish market jolt.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-04-02/