Given that there is once again selling pressure, the Chainlink price analysis is bearish. LINK displays sideways price movement, indicating that the trend is still undecided. The trend has largely been negative over the last week, but bulls attempted to increase price levels yesterday and were somewhat successful. The price of the coin is currently hovering around the $7.26 level with a little negative bias, but the coin is once again facing pressure and the major trend has not yet been determined.
LINK/USD 1-day price chart: Bearish pressure halts bullish momentum
According to the 1-day Chainlink price analysis, the cryptocurrency’s trading range today was quite constrained, from $7.21 to $7.28. It is currently trading at $7.26. Given that the trend line has been downward for the past seven days, the price value of the LINK/USD pair has declined by 3.76 percent. The trading volume has dropped by 30% over the last day, and market dominance has been measured at 0.32 percent, putting LINK/USD at position 19.
The upper and lower Bollinger bands, which stand for the LINK price’s support and resistance levels, respectively, are convergent but still quite far apart at $7.64 and $6.89. At the level of $7.268 above the price, the average of the Bollinger bands is beginning to take shape. The moving average (MA) is 7.34 points ($7.34) above the SMA 50 curve. The relative strength index (RSI), although remaining close to the neutral zone’s center at index 51, is going lower, signaling increased selling pressure for LINK.
Chainlink price analysis: Recent developments and further technical indications
After hitting resistance at a level of $7.27 earlier, the price of LINK has been rising again during the last four hours, according to a 4-hour Chainlink price analysis. Although the coin is currently trading in the red, the price action was bullish at the beginning of the trading session as well. In the coming hours, it will be decided if there will be a profit or loss.
On the 4-hour chart, the upper and lower Bollinger bands, which stand for support and resistance, respectively, are situated at $7.46 and $7.08, indicating that the LINK’s volatility is moderate. The indicator’s average is set at $7.27. The moving average is currently heading higher at the $7.22 level below the price. The RSI is still circling through the lower half of the neutral zone at index 48 right now.
Chainlink price analysis: Conclusion
The Chainlink price research indicates that the price function has begun to decline once more, but the LINK/USD has not yet located adequate support. But given that the bears have been in control for the past few hours, we anticipate further price declines for LINK today.
