The latest Chainlink price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bears were in the winning position, a downtrend has been following the price since the start of this week.
The general feeling in the market is still bearish as chainlink drops to $6.71, currently trading around $6.75. The LINK/USD is down by 8.00 percent at the time of writing and the market cap is at $3.22 billion. The 24-hour trading volume is recorded as $438 million.
LINK/USD 1-day price chart: Bears bring another eight percent loss
The 1-day Chainlink price analysis shows bears are trending for the third day consecutively, and a formation of red candlesticks can be seen on the 1-day chart. The bearish trend has again damaged the cryptocurrency’s value to a good extent as it plummets from the intraday high of $7.34. The cryptocurrency was trading at a decent level around $7 but lost almost all of its value in three days as it falls to the lows of $6.71, currently down by over 8 percent.
The Relative Strength Index is near the oversold region, showing that the bears are in control as the sell-off continues. The moving average (MA) is trading at $6.96, and the bearish crossover is still active as the 50-day MA crosses below the 200-day MA. The Bollinger bands have widened, as the cryptocurrency plummets, and the volatility has increased in the market.
LINK/USD 4-hour price analysis: Latest developments
The 4-hour Chainlink price analysis confirms the downtrend as the price has been trading below $7 for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $7, which is a sign of weakness.
The RSI indicator is currently at 36 and is heading towards the oversold region, which is a sign that the sell-off might continue in the market. The market is currently trading below the Moving average, which is a sign that the bears are in control. The upper Bollinger bands have been breached, and it is currently at $7.34, and the lower limit is at $6.61.
Chainlink price analysis conclusion
The Chainlink price analysis suggests that LINK performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 24 hours. However, if the support present at $6.61 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then LINK may step down into the $6 range.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-09-07/