The Chainlink price analysis reveals that the bears have returned to the price chart after finding their way to gain control over the price function. Although the price had been traveling high for the past few days, today’s trend has not been very supportive. The bulls were unable to take the price across the $7.18 mark and were facing rejections at this level.
The price has started to trend downwards in the past few hours, indicating bearish pressure on LINK/USD. At the time of writing, the pair is trading at a rate of $7.08 and there’s strong support present here for further price decline.
Chainlink price analysis 1-day price chart: LINK price depreciates to $7.08 after a downturn
The one-day Chainlink price analysis shows that the price is headed down once again after encountering defeat. Although an uptrend was at its peak in the previous days, the most recent price movement has been in the bearish direction. The price has receded to the $7.08 level as the bears were able to secure their position on the candlestick chart once more.
The 24-hour trading volume is estimated at $185 million, with a decrease of -76% from the previous day. The market capitalization for the LINK token is currently at $3.69 billion, indicating a decrease of -0.61% from the previous day.
The technical indicators for Chainlink price analysis suggest that LINK/USD is in a bearish state. The price is still above the moving average (MA) value which is at $7.11. The RSI indicator is currently hovering around 45 points, indicating a neutral state. The MACD line is also in a bearish state at the moment as it has crossed below the signal line.
Chainlink price analysis: LINK experiences a sudden fall below $7.18 after bearish repulsion
The four hours Chainlink price analysis is indicating a bearish trend as the price has dropped down at a significant level. The short-term trending line is now descending because of the downward price movement. Although the bulls were maintaining their lead quite efficiently, the last four hours proved unsupportive for the buyers. The price has been lowered to $7.08 after a bearish repulsion from the $7.18 mark.
The technical indicators for Chainlink price analysis are also supporting the bears in this market situation. The RSI indicator is now at 47 points, indicating that LINK/USD is currently in a neutral zone, and if the bears take control, it can easily dip down to an oversold region. The MACD indicator is also in a bearish state and has crossed below the signal line.The moving average (MA) indicator looks bearish as the 20-day MA has crossed below the 50-day MA with the red candlesticks indicating bearish sentiment as the price is rejecting higher levels
Chainlink price analysis conclusion
The overall trend for Chainlink price analysis is bearish as the bulls are unable to gain control over the market situation. The current price of LINK/USD is at $7.08 and it’s likely that the bears will take full advantage of this level if they can move further downwards. The technical indicators are also in a bearish state, supporting the current trend. However, if the bulls manage to take back control in the coming hours, LINK/USD will continue its uptrend and can eventually reach the $7.18 mark or beyond.
