Chainlink price analysis confirms a declining trend for the day as the price has undergone a significant drop during the last two hours as the coin is correcting after spiking high at $6.23 earlier this morning. Encouragingly, the support at $6.06 is holding strong and should provide a level of stability for the coin going forward. That said, resistance can be found at $6.23 as the coin continues to trend downwards in today’s trading session. The price reduction has brought the LINK/USD value down to a $6.06 low, and further loss might be coming ahead.
LINK/USD 1-day price chart: Bearish return initiates price reduction up to $6.06
Chainlink price analysis for the last 24 hours has proved favorable for the bears as a considerable rise in the selling activity has been observed. A reversal in trends is to be expected in the next coming hours, as the price has suddenly experienced a drop up to $6.06, with a decrease of 0.66 percent at the time of writing. The short-term trending line is still ascending as the previous week was relatively on the bullish side. The 24-hour trading volume of LINK is at $185 million, and a market cap of around $2.98 billion is what currently holds the coin afloat.
The moving average (MA) value in the one-day price chart is at the $6.18 mark, and the support area is at $6.06 for any upcoming dips in the market value. The MACD indicator is also pointing down right now as it shows a steady bearish trend in the coming days, indicating that more price drops will be on their way to traders holding LINK tokens. The Relative Strength Index (RSI) index has dropped to the 44.27 mark, and this could have an impact on the next movement of value in the market.
Chainlink price analysis: Bears drag down price below $6.23 after latest strike
The four hours Chainlink price analysis confirms a bearish trend, as the past few hours have proved to be quite critical for the market value of LINK/USD. The price has dropped below $6.23 as the bears have constantly been struggling to regain the lead. The short-term trending line is now descending as the bearish momentum has been gaining strength for the past few hours.
The price is now above its moving average value, which is the $6.12 mark. The RSI curve shows a downward movement, and the score has dropped down to 44.97 due to the downtrend. The Histogram is widening at the moment, as the MACD curve shows a bearish sign in the coming hours.
Chainlink price analysis conclusion
To conclude, the Chainlink price analysis predicts a bearish trend for the day as the bearish momentum has recovered in the past few hours. The price has leveled down to $6.06 as a result of the recent downtrend. The hourly price chart displays red candlesticks as well, which is a further indication of a downside. The bearish trend is expected to intensify in the next few days if the current trend continues.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-11-20/