Chainlink price analysis: LINK falls to $7.89 after a bearish takeover

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 yesterday, and the recent progress is also in favor of bears. This is a worrisome sign for cryptocurrency, as the price has lowered to the $7.89 mark, which is already quite a low level considering the price during the past months; however, support is also present nearby at the $7.69 level and the resistance level is at $8.36.The market capitalization of Chainlink is currently at $3.86 billion and the 24-hour trading volume is $953 million.

LINK/USD 1-day price chart: Chainlink price finds resistance at $8.36

The 1-day Chainlink price analysis shows bears are trending for today and forming a red candlesticks .The bearish trend has again damaged the cryptocurrency’s value to a good extent as LINK is trading hands at $8.36 at the time of writing, and the crypto pair reports a loss of 4.43 percent over the last 24 hours and a loss of 16 percent over the past week. The market cap decreased to $3.85, but on the other hand, the trading volume increased to $960 million. The moving average (MA) is trading at $7.50, just above the price level.

Source: Trading View

The volatility is high, which is why the Bollinger band average is now at $7.50, whereas the upper Bollinger bands value is at $8.36, representing the resistance for LINK and the lower Bollinger bands value is at the $7.69 position representing support for the coin price. The Relative Strength Index (RSI) is trading at a downwards slope at index 52.33 in the lower half of the neutral zone due to the price sinkage as selling activity continues in the market.

Chainlink price analysis 4-hour price chart: Latest developments

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 four 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.

Source: Trading View

The volatility for LINK/USD on the 4-hour chart is increasing today, with the upper band reaching $7.94, and the lower band has traveled down to $7.90, whereas the mean average of the indicator is present at $8.06. The RSI shows a downwards turn here as the selling pressure is still there.

Chainlink price analysis conclusion

To conclude, the Chainlink price analysis reveals the cryptocurrency follows a strong downward trend with much room for further activity on the declining extreme. Moreover, the market’s current condition appears to be following a negative approach. Therefore, we can assume that the bears will start making their moves soon to maintain their control over the market.

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