Cryptocurrency value depreciates to $6.35 after bearish spin

Recent Chainlink price analysis has been bearish following a spin that saw the cryptocurrency’s value depreciate to $6.35. The LINK/USD pair had been trading in a range between $6.50 and $6.70 prior to the decline. The LINK/USD pair today started the day with a slight decline that took the price to $6.38. The cryptocurrency then witnessed a sharp decline that saw its value fall to $6.35.

The market is currently bearish and a further decline cannot be ruled out. That said, the LINK/USD pair should find support at the $6.11 level. A move below this level could see the pair retest the $6.00 level. On the other hand, a move above the $6.35 level could see the pair target the $6.50 level.

The digital asset has been one of the best performers in the cryptocurrency market over the past month. The LINK/USD pair had surged from a low of $4.62 on April 25 to highs of $8.19 on May 19. Since then, the pair has been in a consolidation phase as bulls and bears battle for control of the market. The 24-hour trading volume for the LINK/USD pair is $289 million and the market capitalization for the digital asset is $2.92 billion.

LINK/USD 1-day price chart: Bearish turn disrupts bullish rally as price draws back to $6.35

The daily Chainlink price analysis indicates that the price decline appears to have been caused by a bearish turn in the market. The LINK/USD pair had broken out of a descending triangle pattern at the time of writing as bulls took control of the market. The breakout saw the pair surge to highs of $6.35 and a low of $6.11 was formed.

The daily RSI for the LINK/USD pair is currently at 49.20 and it appears to be losing momentum. The MACD for the pair is also bearish as the signal line crosses below the histogram. The 50-day moving average (MA) is currently at $6.37 and it is flat. The 200-day MA is currently at $5.68 and it appears to be trending upwards.

LINK/USD 4-hour price analysis: Bulls take control as price moves back above $6.37

The 4-hour Chainlink price analysis shows that the bulls have taken control of the market as the price has moved back above the $6.35 level to the 6.37 level. The bulls emerged after the LINK/USD pair found support at the $6.11 level. The market is currently in a consolidation phase as bulls and bears battle for control of the market.

The bulls have seen taking control of the market as the 4-hour Relative Strength Index (RSI) for the LINK/USD pair is currently at 52.80 and it appears to be gaining momentum. The MACD for the pair is also bullish as the signal line crosses above the histogram. The 50-day MA and the 200-day MA is currently at $5.68 and 5.41 respectively it appears to be trending upwards.

Chainlink price analysis conclusion

Overall, Chainlink price analysis appears to be bearish in the 24-hours timeframe as the price has depreciated to $6.35 after forming a high at $6.37. In the 4-hour timeframe, the bulls have taken control of the market as the price trades back above the $6.37 level. The technical indicators in the 24-hours timeframe are bearish while in the 4-hour timeframe they are bullish. Thus, a short-term bullish trend can be expected in the LINK/USD pair.

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