Chainlink price analysis reveals that the market conditions have turned bearish as prices slip below $6.15. The LINK/USD pair is trading at $6.15 and is down by over 2 percent in the past 24 hours. The market capitalization of the asset has also dipped to $2.37 billion, and the 24-hour trading volume for the token has reached $323 million.
The LINK/USD pair had found support at the $6.01 level and had risen to trade at $6.41, but the prices have once again slipped below the $6.15 mark. The $6.01 level is acting as strong support for the LINK/USD pair. If prices break below this level, it would confirm a further dip towards the $5.75 level. Resistance for the LINK/USD pair is present at the $6.41 level and breaking above this level would take prices towards the $6.60 level.
Chainlink price analysis on a daily chart: Bears heighten pressure as prices find support at $6.01
One day Chainlink price analysis shows that the LINK/USD pair is currently in an extreme bearish trend as the market conditions have turned bearish. Prices had found some support at the $6.01 level, but the bears have increased their pressure, and prices have once again slipped below the $6.15 mark. The bulls need to gather enough momentum to push prices above the $6.41 level, which would invalidate the bearish trend and take prices towards the $6.60 level.
The RSI indicator is currently at 38.86 and is heading towards the oversold region, which shows that the bears are in control of the market. The MACD indicator is also in the bearish zone, and the histogram is decreasing, which shows that the bearish momentum is increasing. The upper and lower Bollinger Bands are expanding, which shows that the market is highly volatile.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour timeframe for Chainlink price analysis shows that the bears have been in control of the market for the last 4- hours as prices have slipped below the $6.15 mark. The MACD indicator on the 4-hour time frame is moving below the zero line, which shows that the bearish momentum is increasing. The RSI indicator is currently moving below the 40 level, which shows that the market is highly bearish while the Bollinger Bands are expanding, which shows that the market is highly volatile.
Chainlink price analysis conclusion
Chainlink price analysis suggests that the LINK performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 24- hours. However, if the support is present at $6.01 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then LINK may step down into the $5 range.
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