The Chainlink price analysis indicates the LINK/USD pair extended its correction from the intraday high of $10.52 and traded to a low of $8.90 during the early hours of the day. Chainlink price analysis reveals a decline of 2.45 percent in prices from the previous price as bears look to break lower. The selling pressure is high in the market as seen in the day, with prices trading lowest price of $8.0 and the highest price was $9.29.The intraday lows were seen at $8.90, but prices managed to find some respite and pared some of the losses in the course of the day.
The larger cryptocurrency market has seen the most significant coins Bitcoin and Ethereum lose in the last 24 hours. Ethereum currently is currently down by 1.9 percent and Bitcoin is down by 4.09 percent. The gainers of the day are USDC and USDT. LINK market is expected to decline in the next 24 hours as the market is currently in a corrective phase. Support levels are present at $8.0 while resistance lies at $9.29.
Chainlink price action on a 1-day price chart: Bears take control
The LINK/USD pair on a daily chart has seen a corrective move from the highs of $10.52 and is currently trading at $8.90. The market has corrected by more than 15 percent in the last few days as prices have come down from highs of over $12. Prices have been consolidating for the past 3 days and have been forming a descending triangle pattern. A break below the $8.0 level can see prices move towards the $7.2 level in the near term. On the upside, resistance lies at $9.29 and a move above this level can see prices retest the $10 levels in the near term.
The technical indications on the 1-day price chart for Chainlink price analysis indicate a bearish setup in the market. The RSI indicator is trading at 44 levels, which indicates that the market is currently in a bearish phase. The MACD indicator is currently in the bearish zone but has not given any sell signal as of now. The Stochastic RSI indicator is giving a sell signal and is currently in the oversold region.
The 4-hour price chart for Chainlink price analysis: LINK prices at risk of further decline
On the 4-hour chart, the LINK/USD pair is currently trading below the $9.0 level and looks poised to move lower in the near term. Prices have seen a corrective move from the intraday highs of $10.52 and have come down to $8.90 in the last 24 hours. The market has formed a descending triangle pattern and a break below the $8.0 level can see prices retest the $7.2 level in the near term.
The technical indicators on the 4-hour chart for Chainlink price analysis show that the market is in bearish control. The RSI indicator is currently at 42 levels, which indicates that the market is in a bearish phase. The MACD line is crossing the red signal line from below, which is a bearish signal. The Stochastic RSI indicator is currently on the verge of giving a sell signal and is currently in the oversold region.
Chainlink price analysis conclusion
Chainlink price analysis for today shows a declining market as prices look to break lower. The technical indicators on the 1-day and 4-hour charts show that the market is in a bearish phase and a break below $8.0 can see prices retest the $7.2 level in the near term. Bulls are struggling to defend the $8.0 level as prices face a fresh bout of selling pressure in the market.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-10/