Recent Chainlink price analysis indicates that the LINK/USD pair is in a strong bearish run as the selling spree intensifies across all the digital assets. The bearish run has seen Chainlink prices decline by a whopping 27.15 percent, trading at $6.05, the lowest price this year. The market sell-off has been so strong that even the key support levels have not been able to hold and this has seen the LINK/USD pair declined to new yearly lows at $5.63. The trend is clearly bearish and there is a high likelihood that the prices may continue to decline in the near term.
The LINK/USD pair has been trading between a range of $5.64 to $8.66 in the last 24 hours, with a total trading volume of $1,474,700,161.76. Bitcoin and Ethereum being the top coins have shed a significant value in their price as of now, with bitcoin losing 10.47 percent while Ethereum is down by 19.69 percent. The overall digital assets market is in decline so is LINK. Chainlink is presently dominating 0.24 percent of the digital assets market as it ranks at position 26.
Chainlink price action on a 1-day price chart: Bears take control
Chainlink price analysis on a daily timeframe indicates a declining market sentiment as bears look to break below the $5.50 support level. The 50-day moving average (MA) and the 200-day MA are presently bearish as the MAs continue to head south. The RSI indicator is at 25.44, in the oversold region and pointing further down while the MACD line is below the signal line in the bearish territory, indicating a continuation of the bearish trend in the near term.
The LINK/USD pair is trading at $6.06 and if the bears succeed in breaking below the $5.50 support level, we could see Chainlink prices head towards the $5.00 psychological level. On the other hand, if the bulls manage to push prices above the $8.66 resistance level, we could see a rally towards the $10.00 level.
The digital assets market is in a state of flux as prices continue to decline across the board. The LINK/USD pair is no exception as it has declined to new yearly lows at $5.63. The trend is bearish and there is a high likelihood that prices may continue to decline in the near term. The key support levels to watch out for are $5.50 and $5.00 while the key resistance levels are $8.66 and $10.00.
LINK/USD 4-hour price analysis: LINK retraces to $6.21
Chainlink price analysis on the 4-hour timeframe shows that the LINK/USD pair is currently in a corrective phase as prices retrace from the lows of $5.63. The bulls have managed to push prices above the $6.00 level but they are facing stiff resistance at the $6.50 level. The 50-day MA is presently bearish as it heads south while the 200-day MA is range-bound. The RSI indicator is seen to be residing at the oversold levels as it recovers from the lows. The MACD line is below the signal line in the bearish territory, indicating a continuation of the bearish trend.
The green candlesticks on the 4-hour timeframe show that the bulls are attempting to take control of the market but they are facing stiff resistance at the $6.50 level. If the bulls can push prices above this level, we could see a rally towards the $7.00 level. On the other hand, if prices continue to decline and break below the $5.63 level, we could see Chainlink prices head towards the $5.00 level.
Chainlink price analysis conclusion
The LINK/USD pair is seen to be in a free-fall as prices have declined to new yearly lows at $5.63. The market sell-off has been so strong that even the key support levels have not been able to hold and this has seen the LINK/USD pair declined to new yearly lows at $5.63. The trend is clearly bearish and there is a high likelihood that prices may continue to decline in the near term. The key support levels to watch out for are $5.50 and $5.00 while the key resistance levels are $8.66 and $10.00.Chainlink price analysis for today indicates the prices are in a bearish trend as the market sentiment continues to be negative.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-12/