The latest Chainlink price analysis suggests bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bears were in the winning position, a downtrend has been following since 25 June 2022, and the recent progress is also in favor of bears. This is a worrisome sign for cryptocurrency, as the price has lowered to the $6.5 mark, which is already quite a low level considering the price during the past months; however, support is also present nearby at the $6.3 level.
LINK/USD 1-day price chart: Bears bring another six percent loss
The 1-day Chainlink price analysis shows bears are trending for the third day consecutively, and a formation of red candlesticks can be seen on the 1-day chart. The bearish trend has again damaged the cryptocurrency’s value to a good extent as LINK is trading hands at $6.5 at the time of writing, and the crypto pair reports a loss of 6.3 percent over the last 24 hours and a loss of 5.8 percent over the past week. The market cap decreased by 6.7 percent, but on the other hand, the trading volume increased by 12.9 percent over the last 24 hours, resulting in market dominance of 0.32 percent. The moving average (MA) is trading at $6.8, just above the price level.
The volatility is high, which is why the Bollinger band average is now at $6.9, whereas the upper Bollinger bands value is at $8.6, representing the resistance for LINK and the lower Bollinger bands value is at the $5.3 position representing support for the coin price. The Relative Strength Index (RSI) is trading at a downwards slope at index 44 in the lower half of the neutral zone due to the price sinkage as selling activity continues in the market.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour Chainlink price analysis confirms the above-mentioned analysis as the price breakout was upwards, but bears have brought the price back downwards during the last eight hours, and there are chances for more decline in price in the coming hours if the selling pressure extends. But a reversal in trend is also possible.
The volatility for LINK/USD on the 4-hour chart is increasing today, with the upper band reaching $7.4, and the lower band has traveled down to $6.5, whereas the mean average of the indicator is present at $7. The RSI shows a downwards turn here as the selling pressure is still there.
Chainlink price analysis conclusion
The Chainlink price analysis suggests the LINK performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 12 hours. However, if the support present at $6.3 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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