HomeAltcoinsChainlink price analysis: LINK faces resistance at $8 as the market crashes...

Chainlink price analysis: LINK faces resistance at $8 as the market crashes down

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The Chainlink price analysis is indicating a decrease in price as the bears have made a comeback once again. The trend line was upwards for the past few days, but today, it proved extremely discouraging for the market as the bears are in a dominant position and have brought humongous loss in just a matter of a few hours as they have downgraded the price to $7.40.

Today the situation is quite worrisome as the cryptocurrency is struggling to find support, but as the bearish momentum is growing, improvement in price seems impossible today.

LINK/USD 1-day price chart: LINK devalue down to the $7.4 level

The one-day Chainlink price analysis is going in the bearish direction again after a successive downtrend. The price has decreased up to $7.40 today, which is quite a loss for cryptocurrency as it has lost 6.38 percent value during the last 24 hours. Further decrease in price levels is to be expected as the bearish momentum is strengthening with time. Other important indicators include the moving average (MA), which is present at $7.37, and the price may slip below the MA value.

Chainlink price analysis: LINK faces resistance at $8 as the market crashes down
LINK/USD 1-day price chart. Source: Tradingview

The volatility is low, and the Bollinger bands’ values haven’t changed much. Now, the upper value is settling at $7.9, representing the strongest resistance, while the lower value is present at $6.3, representing the strongest support for LINK. The Relative Strength Index (RSI) level has also reduced drastically in the current situation as well and has moved down to index 46, indicating the strong selling activity as the market shows negative sentiment.

Chainlink price analysis: recent developments and further technical indications

The 4-hour Chainlink price analysis is following the bearish trend as well as the price continues to cover the range downwards. The price levels are going down after being on a bearish trend for the last four hours and have reduced rapidly. Currently, the price is settled at the $7.41 mark and is expected to go further down from here as no bullish support has been observed yet. The moving average is at a higher position comparatively as it is trading at $7.79 above the price level.

Chainlink price analysis: LINK faces resistance at $8 as the market crashes down
LINK/USD 4-hours price chart. Source: TradingView

The Bollinger bands have contracted, hinting at the volatility towards the decreasing side, but the convergence may stop due to the strong downtrend, the upper Bollinger band has reached $8.2, and the lower Bollinger band is at the $6.6 mark. The price level has sunk below the mean average line of the indicator showing a strong bearish grip trend in the market. The RSI score is steeply going down as well because of the downtrend and has reached below the centerline of the neutral region at index 49.

Chainlink price analysis conclusion

The Chainlink price analysis suggests the price is going down today as it has reached the $7.4 level during the last 4 hours. The price has decreased notably in just a few hours which seems like another market crash. There are further chances of devaluation for the crypto pair as the Bitcoin is also under strong correction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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