Chainlink price analysis: LINK retests $6.82 support as bears extend downtrend

Chainlink price analysis shows that the bears are extending their control over the market as LINK retests $6.82 support. The price has dropped down to $6.87, and the next resistance for LINK/USD is at $6.97. It seems that the recent bullish momentum was unable to push past strong resistance levels, leading to a decline in price.

The market opened the day at $7.02 and immediately saw a downward movement, dropping to as low as $6.83 in the first few hours of trading. The rest of the day saw some slight recovery but still remained below the $7 mark.

LINK/USD 1-day price chart: Bears eradicate further chances of elevation for Fantom

The 1-day price chart for Chainlink price analysis shows the LINK is following a bearish momentum for today as well, as bears are at lead continuously. Their efforts had degraded the price to $6.87 losing 1.53% in the past 24 hours. On the other hand, the 24-hour trading volume has also seen a decrease, now amounting to $246 million with a market cap of $3.36 billion at the time of writing.

Looking at the technical indicators, the MACD line has crossed below the signal line, indicating a bearish trend for LINK in the short term. The RSI is also showing oversold conditions as it approaches levels below 43.57 levels. The Exponential Moving Average (EMA) shows a similar bearish trend as the 20-day EMA has crossed below the 50-day EMA. The 20 EMA is currently at $9.21, while the 50-day EMA is at $7.24.

Chainlink price analysis 4-hour price chart: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows, after the price breaking out downwards, the price function continued downside for a few hours, but bulls tried to regain control as they pushed the price upwards towards the $6.97 resistance level. However, bears managed to overpower bulls, bringing the price back down below $6.90, breaking through the support at the $6.82 mark.

The MACD indicators indicate a bearish trend for LINK as the MACD line crosses below the zero line on the 4-hour chart. The RSI is currently at levels under 60, indicating a potential oversold condition in the near term. The 20 EMA is currently at $6.97, acting as a strong resistance level for the price, while the 50 EMA is at $6.82, acting as a strong support level for LINK/USD.

Chainlink price analysis conclusion

Overall, Chainlink price analysis shows that the bears are currently in control and have erased any chances of further elevation for LINK in the short term. Traders should watch for breakdowns or rebounds at key levels to determine their next move.

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