Chainlink price analysis shows a downtrend in the past 24 hours as LINK made an intraday low of $7.00 from the $7.20 mark which was observed in the early hours of today’s trading session. LINK has been trading downward since the beginning of today’s session and has lost over 2 percent.
Currently, LINK is trading at $7.04 and faces immediate downside pressure from the $6.99 support level. If this support fails, then LINK could continue its decline and revisit lows in a short-term period as investors take profits. On the upside, the LINK/USD pair faces immediate resistance at the $7.22 mark and could face further downward pressure if it fails to break this level soon.
Chainlink price analysis 24-hour chart: LINK seeks support at $7.00 as bears persist
On the 24-hour chart for Chainlink price analysis, the price can be seen continuing along an extended downtrend trendline. As the price has been on the decline the market cap and trading volume has also taken a dip, with trading volume down 33 percent since the beginning of today’s session.
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. The MACD indicator has shown a bearish divergence and is currently in the negative territory, with the histogram in red bars which are fading and showing decreasing momentum. The RSI indicator is slopping downwards with a value of 44.14, which shows that LINK is facing some selling pressure.
Chainlink price analysis 4-hour chart: Recent developments
Chainlink price analysis on the 4-hour chart is exhibiting bearish sentiment with possible bullish signals. The support level at $7.00 has been tested a couple of times during the past few hours and has been able to hold. This is a positive sign for LINK as it indicates that buyers are still present in the market and could push prices higher if they get more buying momentum.
The MACD indicator is looking for a price breakout as the MACD line and the signal line are together and we could see a crossover soon. The histogram shows no presence of a negative or positive outlook The RSI indicator is currently at the 44.81 mark and could indicate a bullish comeback soon if it breaks above 50 levels in the coming hours. The MA indicator shows a mixture of red and green candlesticks which indicates a balance between the buyers and sellers.
Chainlink price analysis conclusion
Overall, Chainlink’s price analysis shows that LINK is still bearish but with potential support present at $7.00, bulls could make a comeback in the short term if they get enough buying momentum. However, investors should keep an eye on the resistance level of $7.22 to see if LINK has the potential to break out of its current trading range. If a breakout does occur, then LINK could see some higher levels in the near future.
