Chainlink price analysis shows a bearish trend as the market is losing steam. The LINK/USD market has been on a downtrend for the last 24 hours and is currently trading at $8.63. The market has lost over 4.80 percent in value in the last 24 hours and is currently facing resistance at $9.26. At the moment, it appears that the Chainlink price analysis is bearish, with support for the present at $8.54.
LINK/USD 1-day price chart: Price goes down to $8.63 as bulls try to recover
The 1-day Chainlink price analysis shows that the LINK/USD pair has been on a downtrend for the last 24 hours, with the market currently trading at $8.63. Chainlink’s current trading volume sits at $478 million while the market capitalization is at $4 billion. The token has price has been hovering around the $8 area since yesterday.
Looking at the 1-day price chart, we can see that the LINK/USD pair has been in a bearish trend for a few hours as the MACD remains in the bearish territory. The RSI is currently at 42.09 and is heading towards the oversold region, which is a sign that the market could see some more downside. The 50-day moving average is currently at $10.48 and the 200-day moving average is at $12.19, which shows that the market is in a strong downtrend.
LINK/USD 4-hour price chart: Resistance at $9.26 is currently limiting upward momentum
The 4-hour Chainlink price analysis shows that the market has formed a bearish flag pattern, which is a sign that the market could see further downside. The LINK/USD pair has been trading in a range between $8.54 and $9.26 for the last few hours and is currently facing resistance at $9.26.
The MACD line blue is currently above the signal line, which is a sign that the market could see some more downside. The RSI is currently below the 50 level, which is a sign that the market is bearish. The 50-day moving average and 200-day moving average are both currently below the current market price, which is a sign that the market is in a strong downtrend.
Chainlink price analysis conclusion
Overall, the Chainlink price analysis indicates that the market is bearish in the short term and is likely to continue going down as long as the resistance at $9.26 remains in place. The market could see some upside if the bulls can break above this resistance level.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-08-15/