Chainlink price analysis: LINK discredits to $7.7 as the bearish trend extends

Chainlink price analysis is predicting a bearish trend.
Resistance for LINK is present at $8.
Support for LINK/USD is present at $7.4.

The Chainlink price analysis reveals the price has been trading low since yesterday, 28 September 2022, as the bears have made a return after a successful bullish flight. Previously bulls maintained their lead for six consecutive days until the price peaked at $8.05 on 27 September 2022. However, the price peak was just shy of the previous peak high of $8.09.

A downtrend has been observed after that and today as well, as the price has decreased to the $7.7 level as the bears have maintained their strength. This has proved to be quite detrimental to the overall coin value, as chances of recovery seem to have been postponed. It is expected that a further decrease in price will follow in the upcoming hours as well.

LINK/USD 1-day price chart: Link loses 3.58 percent

The one-day Chainlink price analysis confirms a downward price movement for today, as the price has decreased to $7.7, losing 3.58 percent value during the last 24 hours. The price has been experiencing bearish momentum for the past 16 hours. At the same time, the coin is still in a profit if observed over the past week as its value has increased by 13.2 percent over the past seven days. Nonetheless, the bears have been able to plunge the price down after gaining the advantage of the situation. The price has been trading above the moving average (MA), which is present at $7.5.

LINK/USD 1-day price chart. Source: TradingView

The volatility has increased; as a result, the upper Bollinger band value has now shifted to representing the resistance, whereas the lower Bollinger band value moved down to $6.79, representing the strongest support for the falling LINK price. The Relative Strength Index (RSI) score has undergone a decrease as well as it has been following a downwards slope and has reached index 53. The indicator is still on a downwards curve indicating the bearish pressure and the selling activity in the market.

Chainlink price analysis: Recent developments and further technical indications

The four hours Chainlink price analysis is declaring the bearish lead as the price has decreased consistently during the last 16 hours. A downward trend has been going on as the price has moved down to the $7.7 level. The price has decreased significantly as the bearish momentum has been intensifying for the last few days. The moving average in the four hours price chart is standing at the $7.95 level, just above the SMA 50 curve.

LINK/USD 4-hour price analysis. Source: TradingView

The increase in volatility has changed the upper Bollinger band value to $8.33 and the lower Bollinger band value to $7.54, indicating increasing volatility on an hourly basis. The RSI is continuing its downward curve at index 46 in the lower half of the neutral zone and may keep traveling down if the selling pressure continues.

Chainlink price analysis conclusion

The price experienced bearish progression today, as confirmed from the one-day and four-hour Chainlink price analysis. The bears are set on track as they have been able to bring the price down to the $7.7 level in the last 24 hours, as the trend remained bearish throughout. It can be expected that The cryptocurrency will continue its bearish descent in the coming hours.

Disclaimer. The information provided is not trading advice. 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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