The Chainlink price analysis reveals the price has been trading low for the past few days as the bears have been putting efforts to remain at the lead. A downtrend has been observed today as well, as the price has been decreased to the $9.7 level as the bears have maintained their strength. This has proved to be quite detrimental to the overall coin value, as chances of recovery have been postponed. It is expected that a further decrease in price will follow in the upcoming hours as well.
LINK/USD 1-day price chart: Bearish wave extends as price steps to $9.7 low
The one-day Chainlink price analysis confirms a downward price movement for today, as the price has decreased to $9.7, losing 2.69 percent value during the last 24 hours. The price has been experiencing bearish momentum for the past few days. The bears have been able to plunge the price down after gaining the advantage of the situation. The price has been trading below the moving average (MA), which is present at $10.8.
The volatility has increased during the day; as a result, the upper Bollinger band value has now shifted to $14.5, whereas the lower Bollinger band value moved down to $9.3, representing the support for the falling LINK price. The Relative Strength Index (RSI) score has undergone a decrease as well as it has now entered the underbought zone and is present at index 28. The indicator is still on a downwards curve indicating the intense bearish pressure and the selling activity in the market.
Chainlink price analysis: Recent developments and further technical indications
The four hours Chainlink price analysis is declaring the bearish lead as the price has decreased consistently. Since the past few hours, a downward trend has been observed again as the price has moved down to the $9.7 level. The price has decreased significantly as the bearish momentum has been intensifying for the last few days. The moving average in the four hours price chart is standing at the $10 level below SMA 50.
The increase in volatility has changed the upper Bollinger band value to $11.1 and the lower Bollinger band value to $9.7, indicating high volatility on an hourly basis. The RSI is continuing its downward curve at index 30 on the border of the underbought zone and may soon leave the neutral zone if the selling pressure continues.
Chainlink price analysis conclusion
The price experienced bearish progression today, as confirmed from the one-day and four-hour Chainlink price analysis. The bears are set on track as they have been able to bring the price down to the $9.7 level in the last 24 hours as the trend remained bearish throughout the day. It can be expected that The cryptocurrency will continue its bearish descent in the coming hours.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-09/