The Chainlink price analysis is on the bearish side for today as well. LINK/USD is correcting again, as the price has come down to $7.1 today, but it is expected that the price may not crash extremely as the support is also present nearby at the $6.9 level; however, it depends on the strength of the support to persist under bearish pressure. On the other hand, a reversal in trends also seems difficult as the selling pressure is dominating the market as well.
LINK/USD 1-day price chart: LINK goes into correction
The 1-day Chainlink price analysis shows that a decrease in the price of the cryptocurrency has been observed again today as the coin is trading at $7.1 at the time of writing as the price continues downside. The LINK/USD price function is covering the range downwards, and it shows a loss in value of more than four percent over the past seven days, which shows that the LINK is struggling to maintain its price levels. The trading volume, on the other hand, has increased by 6.08 percent over the last 24 hours.
The volatility is still high for the Chainlink, as the upper limit of the Bolinger bands is at the $10 mark representing resistance, the lower band is at the $5.3 mark, and the average of the Bollinger bands at the $47 mark, which represents support for the LINK/USD. The price has also traveled below the moving average (MA) today, which is a bearish crossover.
The relative strength index has slightly come down to index 36 in the lower half of the neutral zone, the RSI score is still floating around nearly the same level, but the slight downwards curve of the RSI shows the selling activity in the market.
Chainlink price analysis: recent developments and further technical indications
The 4-hour Chainlink price analysis shows that the price breakout was upwards at the start of today’s trading session, but bearish resistance arose when the price went down to $7.3, and the price has decreased nominally as it trades at $7.1 now.
The volatility on the 4-hour chart is low, as the Bollinger bands don’t show convergence or divergence. The price is trading near the mean centerline of the volatility indicator, which shows resistance for LINK at $7.2, while the lower limit of the Bollinger bands is present at $6.8, which represents the support. The RSI shows sideways movement, as it is trading at index 47 after stepping low in the lower half of the neutral zone.
Chainlink price analysis conclusion
The Chainlink price analysis shows that the coin’s price covering range downwards and is trading at the $7.1 mark. Chances are there for further decrease as the price has decreased during the last hours. We expect the LINK/USD to float above $6.8 in the coming hours if the bullish support persists.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-25/