Chainlink price analysis confirms that the bears have a dominant hold over the LINK market after a brief period of bullishness. The bears have pushed the price of LINK below the $7.12 level, and the current trend suggests that more downside is likely. Selling pressure is bringing the price down, and if the current trend continues, we could see LINK testing its previous low of around $7.05.
The LINK/USD pair has support present at $7.09, and a break below this could open the door for further losses. On the upside, if bulls manage to push the price above $7.26, then we could see a retest of recent highs near $7.30, which is likely to be the target for the bulls in the near term.
Chainlink price analysis 1-day chart: LINK price stumbles at $7.12 due to bearish takeover
The 1-day price chart for Chainlink price analysis also demonstrates bearish momentum because the bears are successfully maintaining their advantage. The LINK price has somewhat declined over the last couple of hours. At the time of writing, it is $7.12 and declining. The LINK/USD pair has lost around 1.98 percent since the start of the current session. The trading volume for Chainlink is seen as being relatively low at the moment, indicating a lack of buyers in the market.
The LINK value for the daily chart has been trading below the 9-day and 21-day moving averages, suggesting that the bears are in control of the market. The relative strength index (RSI) is also trending in bearish territory with a value below 50. The moving average convergence and divergence (MACD) is also in bearish mode and is likely to remain that way if the current trend continues.
LINK/USD 4-hour price chart: Bears to remain in control as the pair corrects
Looking at the hourly chart for Chainlink shows that the market has been in a bearish trend since the start of the day with lower highs and lower lows. The LINK/USD pair has been rejected at the $7.26 level multiple times, indicating a strong bearish presence in the market. The total 24-hour trading volume stands at $112 million, which is significantly lower by 9.15% compared to the previous day. This signifies a lack of buying pressure in the market. The market capitalization of Chainlink stands at $3.68 billion, and the cryptocurrency is currently ranked 19th on CoinMarketCap.
The hourly chart for LINK indicates a bearish crossover with the MACD, indicating more losses in the near term. The Relative Strength Index (RSI) is still trending lower and is currently positioned at 38.33; any further downside pressure could take it even lower. The 20 MA is currently below the 50 MA, further confirming bearish momentum.
Chainlink price analysis conclusion
Overall, Chainlink’s price analysis shows that the bears are still in control of the market and will maintain their dominance if no bullish momentum is seen in the near term. The support level for the token is present at the $7.09 level, which if broken could signal further losses for LINK. On the upside, resistance is present at the $7.26 level, which if broken could signal an uptrend in prices.
