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John Lincoln
Jul 11, 2022
by John Lincoln

Chainlink Technical Analysis: LINK Drops By 6%

Chainlink Technical Analysis

Table of contents

  1. Chainlink Technical Analysis on the 24-Hour Chart
  2. Conclusion
Chainlink price is bearish today, as the price made a failed attempt to break out of a horizontal trend that began in July 2021. LINK has dropped 6% over the past 24 hours, reaching a low of $6.18. The market is currently trapped in a sideways trend below the $7 mark, and a breakout would require more buying power to be added to the market. The market remains under the control of bears as the price hovers around the potential for a decline to $6 support for the next 24 hours.

Chainlink trading volume tumbled 30% in the last 24 hours, whereas market capitalization dropped 4 percent to $2,886,697,304. The cryptocurrency market fell back into the hands of bears in the last 24 hours, with all major cryptocurrencies suffering significant losses in value.

The larger cryptocurrency market fell into the hands of bears once again over the past 24 hours, with all major cryptocurrencies recording significant drops in value. Bitcoin dropped 4% to hit a low of $21,000, while Ethereum slid even further to $1,100. Cardano fell 4 percent to $0.46, whereas Ripple dropped 6 percent to $0.32. Dogecoin dropped 4 percent to $0.66 and Solana and Polkadot slid down to $36.94 and $6.83, respectively.

Chainlink Technical Analysis on the 24-Hour Chart

On the 24-hour candlestick chart for Chainlink technical analysis, the price falls into an extended sideways pattern after repeated rejections at the $7 mark. With its price unable to move above the $7 resistance level since June 27, 2022, it has stayed in a tight range between support at $6 and resistance. However, if buyer consolidation does not come into the market over the next 24 hours, LINK may breach the $6 resistance.

LINKUSDT 2022 07 11 10 57 08

Source: Trading View

The price maintains a distance from the 20 and 50 exponential moving averages (EMAs), as well as the 50, 100, and 200-day moving averages. The 24-hour relative strength index (RSI) is at 43.15 and appears to be heading downward, indicating that investors are losing confidence in LINK's market value.

Meanwhile, the MACD Convergence/Divergence (MACD) curve is generating lower lows and may signal a bearish divergence over the next few trading sessions.

Conclusion

Chainlink will need to increase its volume and draw bulls into the market in order to stay above support at $6. Chainlink's volume levels and acquisitions of bullish investors will be essential for it to maintain above support at $6. Unless a breakout occurs, LINK is anticipated to fluctuate between the narrow bands of $5.34 and $7.53.

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Chainlink Technical Analysis: LINK Drops By 6%
John Lincoln
Lincoln contributes blockchain articles that meet the industry's selective info needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.