The Chainlink price analysis shows that the token is trading in bears today. The selling pressure is strong as the token has fallen to $6.92 from its opening today’s price trading in bearish territory. The current trend line on the chart shows that LINK is moving in a downward pattern and the bears are dominating currently. As the trading progresses, it’s expected that the price may go lower in the coming days. The red candlestick that is currently present on the chart shows that bears have assumed control of LINK and it will be difficult for bulls to gain momentum.
Chainlink price analysis 1-day chart: Bearish trend dominates
The one-day chart of Chainlink price analysis shows that the bears are dominating the bulls. Currently, the price is trading below $7.00, which is a crucial level. The bulls were dominating the LINK price up until yesterday. However, today the bears have taken control of the token and it is expected to go further lower in the coming days. The sellers are dominating and their selling pressure is increasing as well.
The daily technical indicators are also showing bearish signals. The Moving average convergence/divergence (MACD) is experiencing a bearish crossover as the red line is trading below the blue line. The Relative Strength Index (RSI) is also showing bearish signals with a value of 42.63. It indicates that the selling pressure will increase in the coming days and LINK is likely to go further lower. The stochastic oscillator has formed a bearish cross, which is indicating that more losses may be on their way. The moving average indicator is present below the candlestick showing that the bearish trend is likely to persist for some time.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour Chainlink price analysis shows the price breakout was downwards at the start of today’s trading session. The price has been declining since then and is expected to go further lower in the coming days. The support level at $6.88 has already been breached and the next support is expected to come at $6.80 if bearish momentum continues. The resistance level at $7.27 is also strong and it may be challenging for the bulls to break this level in the short term.
The 4-hour technical indicators are also indicating a bearish trend. The MACD is showing signs of a bearish crossover as the MACD line is trading below the signal line. The histogram also has red bars which are indicating a bearish momentum. The RSI is also showing bearish signals with a value of 37.00, indicating that selling pressure will persist for some time. The Stochastic Oscillator has formed a bearish cross and this may lead to further losses in LINK price in the coming days.
Chainlink price analysis conclusion
Overall, Chainlink price analysis is bearish and LINK may go further lower in the coming days. The LINK token is currently trading in bearish territory and it’s expected to go lower if the bears retain control. The support and resistance levels are also indicating bearish momentum. The technical indicators are also showing bearish signals and this may lead to further losses in the token’s price.
