LINK/USD is declining, as price approaches $7.16 – Cryptopolitan

Chainlink price analysis shows a bearish trend as the token has experienced a significant selloff in recent trading sessions. The LINK/USD pair is trading at $7.16, which is about 0.14% lower than its all-time high of $40.13 set in late August. The market opened the day trading at $7.19 and has been trending lower since then. Chainlink‘s price has found support at $6.99; a break below this level could see the LINK/USD pair decline further. The bearish momentum seems to be extending for the remainder of the day, and the price may go further down than the current price level. The market cap for the LINK/USD pair is currently around $3.707 billion, and the 24-hour trading volume stands at $7.16 million.

Chainlink price analysis 1-day chart: LINK faces rejection at $7.19 as Selling Pressure Persists

The 1-day Chainlink price analysis reveals that the price of LINK has dropped today. The price has fallen to $7.16, which is 0.14 percent lower than its opening price of $7.19. Cryptocurrency has been trading in a downward channel since yesterday, and it looks like the bearish trend may continue in the near future. 

On the technical side, the daily chart shows that the Relative Strength Index (RSI) is hovering around 51.91, which indicates that Chainlink is neutral. The Moving Average Convergence Divergence (MACD) is also in a negative zone, suggesting that the bearish pressure may continue. The lower Bollinger band is currently at $6.109, while the upper Bollinger band is currently at $7.660; if the downward trend continues, the price will shortly go below the lower band.

LINK/USD 4-hour price chart: Latest development

Looking at the 4-hour Chainlink price analysis, it shows that the price is on a downward trend and is currently trading at $7.16. The market volatility is significant, which is also a bad sign for Chainlink’s future in the current situation. The Bollinger bands’ upper and lower values, serve as the strongest support and resistance levels for the coin. The upper value is trading at $7.648, and the lower value is currently at $6.933.

The relative strength index is also trading below the 50.00 level, which indicates that there is still a lot of selling pressure in the market and that it could continue to move lower if the current conditions persist. Looking at the moving average convergence and divergence (MACD) indicator, the histogram is in a red candlestick, indicating that LINK could continue to go down. The MACD line is also below the signal line, another sign of bearishness. 

Chainlink price analysis conclusion

To sum up, the Chainlink price is currently bearish and could continue to go lower in the near future if the current conditions persist. The technical analysis shows strong selling pressure and bearish sentiment in the market. Investors should be cautious and keep an eye on price movements to make sure that their investments are safe.