LINK is trading at USD 6.83 and facing resistance at USD 7.5, and the bears are controlling the market. The analysis reveals that the cryptocurrency follows a significant bearish trend, which will likely continue.
Following the recent drop below USD 7, the price analysis of Chainlink (LINK) is bearish. LINK recently traded at around USD 6.83 and now faces resistance at USD 7.5.
The price of LINK has support at USD 5.6, but a break below this level might cause a drop to USD 5. The bears are controlling the market, driving the crypto asset lower.
Analysis of the Price of LINK in the Long Term
The daily chart shows that the price of LINK has been bearish over the last 24 hours after falling by 7.85%. The value of LINK has risen over the past few days as a recent drop in prices caused a 7% price decline.
LINK is trading at nearly USD 6.83, but its price might leave the USD 5.6 support level if it continues to drop.
The signal below the Moving Average Convergence Divergence (MACD) shows that the market is bearish. The relative strength index (RSI) indicates that the market is almost reaching the oversold region at the 53.38 level.
While the resistance levels are at USD 7 and USD 7.5, the support levels are at USD 6.0 and USD 6.5.
As a sign of a bearish trend, the upper Bollinger band has moved below the 20-day moving average. Since the dots are above the candlesticks, the Parabolic SAR (stop and reverse) shows that the market is bearish.
The cryptocurrency is trading at USD 6.83 and facing resistance at USD 7.5. The value of LINK has support at USD 5.6, but a break below this level could cause it to drop to USD 5. The bears are controlling the market as they are driving the price lower.
However, LINK might recover in the long term as the price rises again.
Analysis of the Price of LINK in the Short Term
Although LINK has been one of the best-performing cryptocurrencies, it has dropped by 7.85% over the last 24 hours. The 4-hour chart shows that the altcoin has been down for the past few hours.
LINK is trading at nearly USD 6.83, but it might leave the USD 5.6 support level if the price continues to drop.
The signal line below the MACD shows that the market is bearish. The RSI indicates that the market is nearly at an oversold area at the 46.55 level.
While the resistance levels are at USD 7 and USD 7.2, the support levels are at USD 6.5 and USD 6.0. As a sign of a bearish trend, the upper Bollinger band has moved below the 20-day moving average.
The price of LINK might continue its decline in the short term as bears still control the market. Although the price has support at USD 5.6, a break below this level might cause it to drop to USD 5.
The bears are controlling the market as they are driving the price of LINK lower. Chainlink might remain bearish as its value continues to drop.
The analysis of the price of LINK reveals that the cryptocurrency follows a significant bearish trend, which will likely continue. However, the bears control the market while the decrease in volatility favors them.
Consequently, the bears might push prices toward USD 5 in the short term. However, if the bulls control the market, the price might retest resistance levels at USD 7.
By Alexander Salazar
