Chainlink price analysis is showing signs of a downtrend, as the price has been following a decreasing movement since the start of today’s trading session. Bears have dragged price levels down to $8.65, which represents a 1.46% decrease in the last 24 hours.
Although the cryptocurrency was under the bullish lead in the prior weeks, the trends have slightly shifted during the past few days. The bears have been successful in making their comeback on the price chart, as the red candlestick is indicating a loss in price up to the $8.65 mark.
LINK/USD 1-day price chart: Bearish resistance results in a declining trend for LINK
The one-day Chainlink price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. The circumstances are turning favorable for the sellers, as the past weeks observed a constant improvement in the LINK market price. Nonetheless, a downturn in price occurred today which is why the price has been lowered to $8.65 point. The moving average (MA) is still quite low and is present at the $8.01 marker.
The SMA 50 curve is traveling above the candlesticks, indicating a bearish resistance in the market. The SMA 200 curve is also gradually following a descending movement, validating the current downtrend for LINK/USD. The increase in volatility has taken the upper Bollinger band value to $8.69 and the lower Bollinger band value to $8.01. The Relative Strength Index (RSI) index has moved down to the 56.45 level.
Chainlink price analysis: LINK price backtracks to $8.65 as bears regain dominancy
The price is headed down according to the four hours Chainlink price analysis and has reached the $8.65 position. The short-term trending line is also descending as the bears have been showing control over the market for the past few hours. The last four hours have proved damaging for the cryptocurrency value as well as the price declined on noticeable level. The price is still below the moving average value i.e. $8.74.
The Bollinger bands indicator is showing an average of $8.66 now. Whereas its upper band has been relocated to $9.18 points and its lower band is present at $7.49 points. The strong drop in price has resulted in a decrease in the RSI index as well, and currently, the score is at 68.02.
Chainlink price analysis conclusion
A decline in price has been observed during the day, which is why the Chainlink price analysis has been devalued to the $8.65 level. Although the bullish momentum was on its way to recovery in the earlier weeks, a change in price movements has been recorded. The price might touch lower points in the upcoming days, as both the hourly and daily price charts are showing a bearish trend.
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