The Chainlink price analysis shows a bearish trend as the market is losing steam. The LINK/USD market has been on a downtrend for the last24 hours and is currently trading at $10.82. The market has lost over 8 percent in value in the last 24 hours and is currently facing resistance at $12.04.At the moment, it appears that the Chainlink price analysis is bearish, with support for LINK/USD present at $10.73. This indicates that there may be further losses in the near future for this market, as it faces strong resistance from sellers at the $12.04. However, if market conditions change a positive market sentiment may be expected.
LINK/USD 1-day price chart: Price goes down to $10.82 as bulls try to recover
The 1-day Chainlink price analysis shows that the LINK/USD pair has been on a downtrend last 24 hours, with the market currently trading at $10.82. The LINK/USD pair is currently facing resistance at the $12.04 level, and support is holding at $10.73.Chainlink’s current trading volume sits at $597,004,117.59 while the market capitalization is at $5 billion, The digital asset is currently dominating 0.30 percent as it ranks position 25 overall in the cryptocurrencies market. The token has price has been hovering around the $11.42 area since yesterday and has lost over 8 percent in its value in the last 24 hours.
Looking at the 1-day price chart, we can see that the LINK/USD pair has been in a bearish trend for several weeks now, with the price dropping from $14 to its current market value of $10.82. The current market conditions appear to be bearish, with the RSI indicator on the 1-day chart at 45.
The MACD indicator is also showing signs of a potential change in trend, with the MACD line (blue) starting to cross above the signal line (red). This could lead to a bullish crossover and a possible change in trend from bearish to bullish. The EMA’s on the 1-day chart are also starting to diverge, which is another bullish sign that the market could start to move higher in the near future.
LINK/USD 4-hour price chart: Resistance at $12.04 is currently limiting upward momentum
The 4-hour price chart shows that the LINK/USD pair has been in a bearish trend for the past few days, with the market currently trading at $10.82. The market is currently facing resistance at the $12.04 level, which is acting as a barrier to further upward momentum. However, if the bulls can break through this resistance and push the price higher, we could see the LINK/USD pair start to move back towards its previous support levels around $10.73.The EMA’s on the 4-hour chart is currently in a bearish configuration, with the EMA50 (yellow) below the EMA100 (red), indicating that the market is currently in a bearish trend.
Chainlink price analysis conclusion
The Chainlink price analysis shows that the market is currently in a bearish trend and is facing resistance at the $12.04 level. However, if the bulls can break through this resistance and push the price higher, we could see the LINK/USD pair start to move back towards its previous support levels around $10.73. This could lead to a bullish crossover and a possible change in trend from bearish to bullish.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-06/