LINK/USD set to break below $7.50

Chainlink price analysis is bearish in the short-term and bullish in the long-term. Chainlink prices have been on a steady decline over the past few days and are currently trading at $8.90. The market sentiment for LINK is negative, as the coin is set to break below the $7.50 support level.

The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Chainlink is consistently ranked as one of the most important projects in the blockchain space and is seen as a key piece of infrastructure for the emerging DeFi industry.

Chainlink price action on a 1-day price chart: Bears take control

The 1-day Chainlink price analysis chart is trading in a tight range between $8.50 and $9.00 as the bulls and bears battle for control of the market. The market is currently in a bearish trend as prices have retraced from the highs of $15.0. The market has been on a downtrend since September 25th and is showing no signs of recovery. support for the coin is present at $8.0, however, if this level is breached, the next level of support lies at $7.50.

LINK/USD 1-day price chart, source: TradingView

The Bollinger Bands show that the market is in a state of consolidation as prices fluctuate within the upper and lower bands. The middle band acts as a point of resistance for the market while the upper band provides support. The Relative Strength Index is currently trading in the oversold region, however, no bullish crossover is present, which indicates that the bearish momentum is still present in the market. The MACD shows that the market is in a bearish trend as the signal line is above the histogram and indicates decreasing momentum.

The LINK/USD pair on the 4-hour chart is trading in a descending triangle pattern as prices fluctuate between the upper and lower trendlines. The market is currently in a bearish trend as prices have retraced from the highs of $15.0.

The 4-hour price chart for Chainlink price analysis: LINK prices at risk of further decline

On the daily chart, the LINK/USD pair is currently below $9.0 and appears ready to drop in the near term. In the last 24 hours, prices have dropped from intraday highs of $10.52 to $8.90, establishing a corrective movement. The market has formed a descending triangle pattern, and a breakdown beneath.

LINK/USD 4-hour price chart, source: TradingView

The technical indicators on the 4-hour chart consequently, the price is at risk of further decline as the Relative Strength Index is trading in the oversold region with no bullish crossover present. The MACD shows that the market is in a bearish trend as the signal line is above the histogram and indicates decreasing momentum.

Chainlink price analysis: Conclusion

Chainlink price analysis shows that the market is currently in a bearish trend as prices have retraced from the highs of $15.0. The market has been on a downtrend in the last two week. The market is expected to continue its downtrend in the near-term as bears take control. Prices are expected to drop to $8.0 in the near term. however, a break below this level could see prices drop to $7.50.

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