Chainlink price analysis: LINK/USD bearish as price slips to $6.79
- Chainlink price analysis shows an extreme bearish trend
- Support for LINK price is present at $6.71
- Resistance for LINK/USD is present at $7.16
Chainlink price analysis shows that the LINK/USD pair is currently in an extreme bearish trend. The price has slipped below the important support level of $6.71 and is currently trading at $6.79. The next support level for the pair is present at $6.63, which if broken can push the price further down to $6.50. On the other hand, resistance for the pair is present at $7.16. A break above this level can take the price back to $7.50 levels.
The LINK/USD has decreased by 4.20% in the last 24 hours and is currently trading at $6.79. The digital asset has a market capitalization of $3.21 billion and is ranked at number 15 on CoinMarketCap while the 24-hour trading volume for the digital asset is $370 million.
Chainlink price analysis on a daily chart: Bears adamant in pushing LINK below $6.79
On the 1-day Chainlink price analysis chart, we can see that LINK has formed a descending triangle pattern. This is a bearish pattern and indicates that the bears are in control of the market. The price has been struggling to break out of the $7.16 resistance level for the past few days, and as a result, the token has begun to fall.
LINK/USD 1-day price chart. Source: TradingView
The 50 SMA line is currently below the 200 SMA line, which indicates that the path of least resistance is to the downside. The RSI indicator is currently at 28.34 and is indicating that the token is oversold. This means that there could be a small bounce in prices before the bearish trend resumes. The MACD indicator is also showing bearish momentum as the MACD line is below the signal line.
LINK/USD 4-hour price analysis: Latest developments
In the 4-hour Chainlink price analysis chart, we can see that LINK has formed a symmetrical triangle pattern. This is a neutral pattern and indicates that the market is undecided at the moment. The token has been fluctuating between the $7.16 resistance level and the $6.71 support level for the past few days.
LINK/USD 4-hours price chart. Source: TradingView
The 4-hour 50 SMA line is currently at $7.02 while the 200 SMA line is at $6.79. This indicates that the path of least resistance is to the downside and that the token is likely to break below the $6.71 support level in the near future. The RSI indicator is currently at 54.13 and is showing no clear trend. The MACD line blue is currently above the signal line, which indicates bearish momentum in the market. The final Chainlink price analysis shows that the token is likely to continue its downward trend as the bears remain in control of the market.
Chainlink price analysis conclusion
Chainlink price analysis reveals that the cryptocurrency is currently in a bearish market the coin price covering ranges downwards and is trading at the $6.79 mark. Chances are there for further decrease as the price has decreased during the last hours. We expect the LINK/USD to float above the $6.71 support level and may rebound to $6.50 in the near term. The technical indicators are currently bearish, and a breakout or a rebound is awaited before making any investment decisions.