HomeAltcoinsLINK prices lose value at $6.72 after a strong bearish run

LINK prices lose value at $6.72 after a strong bearish run

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Chainlink price analysis shows that LINK prices are currently in a bearish trend as prices have dropped by 18.8 percent in the last 24 hours. The current trading price for LINK is $6.72 and support is present at $6.0. However, with the recent sell-off, it is likely that prices will continue to fall in the near term. The market has witnessed extreme selling action over the past few days as prices have plummeted by over 40 percent. This sell-off has been triggered by the general market sell-off that has been witnessed in the entire cryptocurrency market.

The current price of Chainlink is $6.72, with a trading volume of $770,820,649.35. Chainlink is currently dominating 0.29 percent of the entire cryptocurrency market, with a total market capitalization of $2,704,034,135. Chainlink currently ranks at #22 as the prices hover around a range of $6.09 to $8.08.

Chainlink price analysis on a daily chart: Bears heighten pressure as prices find support at $6.0

Chainlink price analysis shows that prices have been on a downtrend over the past few days as prices have dropped by over 40%. However, prices seem to have found some support at $6.0, which is likely to provide some relief in the near term. The current trading price is $6.72 and the immediate support is present at $5.5. The MACD shows that prices are currently in a bearish trend as the MACD line is below the signal line. The RSI is also in the oversold region, which indicates that prices are currently under pressure.

LINK prices lose value at $6.72 after a strong bearish run
Technical indicators for LINK/USD by Tradingview

The current bearish trend is likely to continue in the near term as prices are expected to retest the support at $6.0. A break below this level could result in prices falling towards $5.0 in the near term. The SMA50 (yellow line) is also trending downwards, which is a further bearish indicator. However, the SMA200 (blue line) seems to be providing some support at $7.0.

Chainlink price analysis on a 4 hourly chart: LINK price plummets by 18.80%

In the last 4-hours, Chainlink’s price analysis reveals that the prices have been following a declining trendline. The current trading price is $6.72 and the immediate resistance is present at $7.0. The MACD line is currently below the signal line, which indicates that prices are in a bearish trend.

The Relative Strength Index (RSI) is 33, showing a stable cryptocurrency stock. This means that Chainlink is entering the undervalued region. Furthermore, the RSI appears to move slightly upwards, indicating a gradually increasing market. The increasing RSI represents dominant buying activities and possible movement towards the stability of the cryptocurrency.

LINK prices lose value at $6.72 after a strong bearish run
Technical indicators for LINK/USD by Tradingview

The market volatility is currently high and prices are expected to continue falling in the near term. The 200-day EMA is currently at $7.15 and is trending downwards, which is a further bearish indicator. Prices are expected to find support at $6.0 in the near term and a break below this level could result in prices falling towards $5.0 in the short term.

Chainlink price analysis conclusion

In conclusion, Chainlink price analysis shows the LINK/USD pair is in a bearish trend and could continue trading lower if the current market conditions prevail. Bears seem to be targetting $5.0 in the short term while bulls might attempt to push prices back up to $7.0.

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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