Chainlink Technical Analysis: LINK Bearish for the Next 24 Hours
Table of contents
If the bulls can push the prices above $6.80, they may attempt to break through $7.02, which is a previous resistance level. Today's opening price was $7.08, and it has subsequently dropped to its current $6.40 value. The price has made two smaller highs and two lower lows, which suggests that there is a bearish trend.
Chainlink Technical Analysis on a 24-Hour Daily Chart: Prices Find Support at $6.38
The Chainlink cost analysis shows that the price has dropped by more than 1% in the past 24 hours. The market capitalization is $2,979,518,305. The trading volume for the day was at $433,251,568 and the price fell to a new low of $6.38. We may see that the price has hit a new low at $6.38 and found some support at this level.
Source: TradingView
The MACD indicator is currently in a bearish position, with the MACD line crossing below the signal line. At the time of writing, 50-day and 200-day SMA are at $6.79 and $7.21, respectively, suggesting that the current downturn will continue for some time. The Relative Strength Index, which measures the momentum of a market, is presently at 37.66, indicating that it's in oversold territory.
Chainlink Technical Analysis on a 4-Hour Chart: Further Technical Indications
Chainlink's price analysis in the last 4 hours shows that prices have been moving down along a downward trendline. For the previous four hours, as revealed by the candlesticks, the bulls had control of the market. The 4-hour Chainlink price chart shows that the market has been fluctuating between $6.38 and $6.80, with a strong resistance level at $6.80 as of now. Meanwhile, the bears appear to be in command of the market, pushing prices down towards the $6 mark.
Source: TradingView
The RSI indicator is below 40, which indicates that the market is in oversold territory. The MACD line has crossed below the signal line, and the 50-4-hour SMA has crossed below the 200-4-hour SMA, giving bearish momentum signals.
Conclusion
The Chainlink technical analysis shows that the cryptocurrency is in a strong downward trend with considerably more bearish development potential. Despite this, the bears have taken control of the market and volatility is declining, which favors the bears. Because of this downward momentum, investors are likely to push prices toward $6 in the near term. However, if the bulls manage to take control of the market, we might see prices testing the $7.02 resistance levels again.