Chainlink price analysis shows that LINK/USD is currently facing a lot of pressure from the bears. The bulls have been struggling to keep up the pace, and as a result, the prices have taken a beating. The support for LINK/USD is present at $6.94, and the resistance is at $7.64.
Chainlink price analysis shows LINK is currently trading at $7.02 and is struggling to break out of the $7.94 resistance. XTZ/USD is facing a lot of pressure from the bears as it remains locked below the $6.94 support. The market has lost over 2% in the past 24 hours, and the market capitalization has also dropped and is currently at $3,259,987,213 and the market volume is at $386,956,053.
LINK/USD 1-day price chart: Bears in control as Chainlink fail to breakout above $7.02
Chainlink price analysis over the past day has been bearish as the market has lost over 2%. The market started the day at $7.15 and dipped to a low of $6.94, which is the support level. The prices then recovered slightly and reached a high of $7.02 but failed to break out of the resistance. The market then started to decline and is currently trading at $7.02.
Looking at the 1-day price chart, we can see that the LINK/USD pair has been in a bearish trend for several weeks now, The current market conditions appear to be bearish, with the RSI indicator on the 1-day chart at 42.78, which is in the bearish territory, and the MACD indicator is also in the bearish zone.EMA’s are pointing downwards as well, which is a bearish sign.
Chainlink price analysis on a 4-hour price chart: LINK/USD prices face rejection at $7.64
The 4-hour price chart shows that the LINK/USD pair has been in a bearish trend for the past few days, with the market currently trading at $7.02. The market is currently facing resistance at the $7.64level, which is acting as a barrier to further upward momentum. However, if the bulls can break through this resistance and push the price higher, we could see the LINK/USD pair start to move back towards its previous support levels around $6.94.
The EMA’s on the 4-hour chart is currently in a bearish configuration, with the EMA50 (yellow) below the EMA100 (red), indicating that the market is currently in a bearish trend. The RSI indicator is currently at 45.78, which is in the bearish territory, and the MACD indicator is also in the downward zone.
Chainlink price analysis conclusion
Chainlink price analysis shows that the market is currently in a bearish trend and is facing resistance at the $7.64 level. However, if the bulls can break through this resistance and push the price higher, we could see the LINK/USD pair start to move back towards its previous support levels around $6.94. This could lead to a bullish crossover and a possible change in trend from bearish to bullish.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-24/