- The LINK price was recovering following a bearish dominance, but the bears have already resumed their assault on the daily price chart.
- The asset after moving above the 20 and 50 days moving average is reverting back
- The LINK/BTC pair is at 0.0003361 BTC with a gain of 1.24%.
After a bearish dominance the LINK price was at a recovery which is now again interrupted by the bears over the daily price chart. This return of bearish dominance is highly connected to the movement of the leader cryptocurrency, BTC. Now the BTC price has started sinking and so is followed by the rest of altcoins.
This bearish dominance needs to be opposed before the bears push the price back to the crucial support level of $5.3. To oppose this the token needs to accumulate its bulls before it’s too late. A relief with which the investors are calm yet is the trading volume which is at a gain of 15% over the intraday trading session. Bulls need to take care of this as the bearish attack has begun.
The current price for one LINK token is trading at $7.79 which is at a gain of 1.64% in its market capitalization in the last 24 hrs. The token has a trading volume of 409 million which is at a significant gain of 15.26% in the 24 hrs trading session and has a market cap of 3.6 billion. The volume market cap ratio is 0.1114.
Can LINK Price Make a Comeback?
Over the daily price chart we can observe a positive cross over the multiple EMA which supports a bullish movement further.
Over the hourly price chart we can observe a pump in the price along with the support of the technical indicators. On the contrary, the indicators over the daily chart are very manipulative this time, as we can observe over the MACD that the MACD line is moving above the MACD signal line with green histograms. Whereas the relative strength index has started sinking. An overall comeback is expected but analysts believe it may take some time.
Conclusion
After a bearish dominance, the LINK price was at a recovery which is now again interrupted by the bears over the daily price chart. To oppose this the token needs to accumulate its bulls before it’s too late. Over the daily price chart we can observe a positive cross over the multiple EMA whereas the other indicators appear to be manipulative over the daily price chart.
Technical levels
Resistance levels: $8.2 and $9.3
Support levels: $7 and $6.1
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/11/chainlink-price-analysis-link-price-drop-is-crushing-bullish-efforts/