LINK faces rejection at $7.85 after bearish pressure – Cryptopolitan

The current Chainlink price analysis shows bearish pressure at the $7.69 level with a loss of 1.48 percent in the last 24 hours. The LINK is currently facing resistance at the $7.85 mark, which was the high established on the previous day when the bulls were pushing the price higher. However, LINK’s price is still above the support level of $7.30 and appears to be stable, and if the bearish pressure persists, the price could slip back to this support level.

Looking at coin market cap data, LINK is the 19th largest cryptocurrency in terms of market capitalization. The coin has a total supply of 1 Billion tokens and a current circulating supply of 517 million tokens. The 24-hour trading volume for the LINK token is currently at $314 million with most of it coming from exchanges such as Binance and Huobi Global. Additionally, most other cryptocurrencies have seen red over the last 24 hours, with bearish pressure seen in the market.

Chainlink price analysis 1-day price chart: LINK breaks below $7.80 again

After bullish efforts were seen yesterday, a decrease in price is seen today according to the 24-hour Chainlink price analysis. LINK is in decline since the beginning of the day after hitting resistance around $7.85 as bears drive the price down hour after hour. During the last week, cryptocurrency gained 5.98 percent as the bulls pushed LINK up but bears quickly abandoned this effort yesterday.

The Bollinger bands have a smaller coverage area; the upper band is present at the $7.74 level while the lower band is at $6.89, respectively, indicating a decrease in bullish pressure. The RSI indicator is at 59.34 which shows a lack of buying momentum. On the daily chart, the moving average is going downward and near the price level, indicating a bearish movement.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis reveals that bears have been in control of the market since the day’s beginning, with no help from buyers, as red candlesticks have been consistently forming, signaling further price decrease. The price levels have also continued to decline in recent hours as bears seize every opportunity.

The volatility is low as the Bollinger bands show a narrow range. The upper Bollinger band is at $7.93 which may be the resistance while the lower band is seen at $7.03, which could act as a support level should the bears continue to gain ground. The Relative Strength Index (RSI) is in the bearish zone at 60.00 and there are no signs of buyers appearing anytime soon. The moving average indicator is currently at $7.14, with 20-SMA seen below the 50-SMA, signaling a bearish crossover.

Chainlink price analysis conclusion

Overall, Chainlink price analysis shows that bears are in control of the market and LINK’s price is expected to stay at its current level or decrease lower in the near future.  Additionally, the support level of $7.30 may be tested in the upcoming days. However, if the buyers manage to push back with enough force, LINK’s price could start an upward trend and breach the $7.85 resistance level.