The latest Chainlink price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning.
Although the bears were in the winning position, a downtrend has been following since then, and the recent progress is also in favor of the bears. This is a worrisome sign for cryptocurrency, as the price has lowered to the $7.80 mark, which is already quite a low price.
LINK/USD 1-day price chart: Bears bring another selling spree
The 1-day Chainlink price analysis chart shows that the crypto has been on a downtrend for the last few hours. The bearish trend has again damaged the cryptocurrency’s value to a good extent as LINK is trading hands at $7.80 at the time of writing, and the crypto pair reports a loss of 7.79 percent over the last 24 hours. The market cap of the crypto has also seen a decrease and is presently at $3,812,895,851. The 24-hour trading volume of LINK is noted to be around $464,381,396.
The volatility is high, which is why the Bollinger band average is now at $.8.0, whereas the upper Bollinger bands value is at $8.12, representing the resistance for LINK and the lower Bollinger bands value is at the $7.60 position representing support for the coin price. The Relative Strength Index (RSI) is trading at a downwards slope at index of 49.81 in the lower half of the neutral zone due to the price sinkage as selling activity continues in the market.
Chainlink price analysis 4-hour price chart: LINK/USD heads towards a $7.0 low after a bearish drive
The 4-hour Chainlink price analysis confirms the above-mentioned analysis as the price breakout was upwards, but bears have brought the price back downwards during the last eight hours, and there are chances for more decline in price in the coming hours if the selling pressure extends. But a reversal in trend is also possible.
The volatility for LINK/USD on the 4-hour chart is increasing today, with the upper band reaching $7.86, and the lower band has traveled down to $7.62, whereas the mean average of the indicator is present at $7.80 The RSI shows a downward turn here as the selling pressure is still there.
Chainlink price analysis conclusion
The Chainlink price analysis suggests that LINK performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last couple of hours. However, if the support present at $7.60 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then LINK may step down into the $7.50 level.
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