Recent market action for Chainlink price analysis appears to be bearish as prices have fallen below key support levels. The price of LINK is currently trading at $7.07 and appears to be headed towards further losses in the near term. The 24-hour volume for LINK has been relatively light at $561 million and market capitalization is also down to $3.32 billion.
Key support for Chainlink is present at the $6.99 level. If prices fall below this level, it could trigger further selling pressure and push LINK prices towards the $6.50 level. On the other hand, resistance for Chainlink is currently at the $8.14 level. A break above this level could see prices rallying towards the $9.00 mark in the near term.
ChainLink price analysis for 1-day: bears in control
The 1-day Chainlink price analysis shows that the LINK price has been on a downtrend for the last 24 hours. Prices have fallen below the $8.00 mark and are currently trading at $7.07. The Chainlink price might continue to fall in the near term as the bearish momentum seems to be strong at the moment.
The 200-day moving average (MA) is currently at $8.31 and the 50-day MA is at $7.54. These MAs are likely to act as resistance levels in the near term. The MACD indicator is currently in bearish territory. The RSI is also below the 50 level, which indicates that prices could continue to fall in the near term.
LINK/USD 4-hour price chart: 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 as the MACD indicator line blue line) is below the signal line (red line). The RSI is currently at the 42 levels, and if it falls below the 40 levels, it would be a further bearish sign for prices.
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 $5.50 in the near term.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-08-18/