Chainlink price analysis for May 7, 2023, reveals the market is following a bearish trend. The price of the digital asset has dropped to $6.93, which is a 1.92% decrease from the day prior. The support for the LINK/USD pair is currently holding at $6.90, with the next support level being $6.84. On the upside, resistance lies at $7.09, and further up, it can reach as high as $7.16 if bulls are able to break through that threshold.
The 24-hour trading volume for Chainlink has also decreased significantly over the past 24 hours, from $141 million to $139 million. This could be attributed to a lack of trading activity in the market overall as well as investors taking profits following the recent rally that pushed LINK prices higher. The market capitalization of LINK is now $3.58 billion, meaning that it currently ranks 19th among all digital assets by total market capitalization.
Chainlink price analysis 1-day chart: Bears in control as price declines to $6.93
The 1-day Chainlink price analysis suggests that the bears have gained more control of the LINK market, pushing the price lower over the past few hours, trading below the $7.09 resistance level. It appears that the LINK/USD pair may soon be headed toward $6.90 support, and further losses could follow if bulls are unable to regain control of the market in the near future.
The technical analysis of the LINK/USD pair suggests that traders should be aware of a potential bearish trend, as the 50-day and 200-day moving averages have crossed paths, with the former now below the latter. Additionally, relative strength index (RSI) levels are currently at 45.01, indicating further losses may be imminent for Chainlink. The MACD indicator is also facing bearish pressure, with its MACD line still below the signal line.
Chainlink price analysis on a 4-hour chart: Latest development
The hourly Chainlink price analysis reveals that prices are trading in a range between $6.93 and $6.92, with bulls struggling to push the price higher. If bears take control of the market and drive LINK/USD below $6.90, a further drop toward the next support at $6.85 may be imminent. The LINK/USD pair has declined since yesterday and is expected to continue the bearish trend in the near future.
The moving average convergence divergence (MACD) for LINK/USD is also bearish, indicating that the market can go lower. The MA is still below the signal line, suggesting that prices may continue to decline in the short term. Lastly, the relative strength index (RSI) level is at 45.08, signaling that the market is neither overbought nor oversold.
Chainlink price analysis conclusion
Overall, the sentiment surrounding chainlink prices remains bearish, with the price on a downward trend. The technical indicators suggest that bulls are having difficulty pushing LINK/USD higher, and unless they can regain control of the market soon, further losses may be coming in the near future. As always, investors should continue to monitor the market and use proper risk management techniques when trading digital assets.
