Chainlink price analysis shows that the market is currently in a bearish state as the price has slipped below the $9.16 level and is currently trading at around $8.93. The market has been in a downtrend for the past 24 hours and it seems like the bearish momentum is still present in the market. The next support level for LINK/USD is present at $8.85 and if the price breaks below this level, then it might head towards the $7 level. On the other hand, if the price manages to rebound from the $8.85 level, then it might head towards the $9.16 resistance level.
The LINK/USD has decreased by1.77 percent in the last 24 hours and it is currently trading at around $8.93. The market capitalization of Chainlink is currently at $4.19 billion and the 24-hour trading volume is $476 million.
ChainLink price analysis for 1-day: Bearish spell sinks LINK prices to lows of $8.93
The daily Chainlink price analysis shows that the bearish trend appears to be intact as prices have slipped to the $8.93 level. The market has been in a downtrend since yesterday and it seems like prices may continue to fall further in the near term. The bulls tried to push prices higher earlier today but they failed to do so and the bears took control of the market once again.
The Bollinger Bands Indicator is showing a change of values as the Bollinger Bands have widened indicating increased volatility in the market. The upper Bollinger Band is located at $9.40 while the lower Bollinger Band is located at $8.75. The RSI indicator is currently in the oversold region but it is not showing any signs of a reversal yet. The MACD indicator is also in the bearish territory as the MACD line (blue) is below the signal line (red).
Chainlink price analysis: Further price decline likely
The 4-hour chart for Chainlink price analysis shows that the price decline is likely to continue in the near term as the bearish momentum appears to be still present in the market. The few hours chart also shows that the market has formed a bearish engulfing candlestick pattern which is a bearish reversal signal. The buyers tried to push prices higher but they failed to do so and the market looks like it may continue to head lower in the near term.
The 4-hour MACD indicator is currently below the zero line which indicates that the bearish momentum is still present in the market. The RSI indicator is currently at $48 which is in neutral territory. The upper Bolinger band is moving lower while the lower Bollinger band is currently flat and this suggests that prices might remain rangebound for some time.
Chainlink price analysis conclusion
Chainlink price analysis reveals the cryptocurrency to follow a strong downwards trend with much more room for bearish activity. However, the bears have currently taken over the market, and the declining volatility favors the bears. As a result, they are likely to push prices towards $7 in the near term. However, if the bulls manage to take control of the market, we may see prices retesting the resistance levels at the $8 level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-08-12/