ChainLink Price Analysis: LINK/USD continues dipping further this week as prices break below $6

TL;DR Breakdown

  • ChainLink price analysis appears to be bearish.
  • The strongest resistance is present at $7.
  • The strongest support is present at $5.3.

Chainlink price analysis for the day suggests that the cryptocurrency would move towards the $8 markChainLink price prediction is bearish as the price has failed to break out of the descending triangle pattern. The cryptocurrency is currently trading at $7.6, and it looks like it will reach the $8 mark soon.

The strongest resistance is at $7, and the strongest support is at $6.3. ChainLink‘s (LINK) price prediction appears to be bearish as the price has failed to break out of the descending triangle pattern. The cryptocurrency is currently trading at $5.7, and it looks like it will reach the $7 mark soon. The strongest resistance is at $8.9, and the strongest support is at $5.3.

LINK/USD 4-hour price analysis: Latest developments

The 4-hour Chainlink price analysis chart shows that the LINK price has been trading inside a descending triangle pattern since May 16. The pattern is a bearish reversal pattern, usually found at the end of an uptrend.

The price of the LINK/USD pair appears below the Moving Average, suggesting a bearish trend. The market’s trend appears to be dominated by bears. The price of the LINK/USD pair is rising, suggesting an increasing market. The market appears to be demonstrating bullish potential, and the trend may soon shift in favor of a rise. The market is expected to remain bearish as the price has failed to break the descending triangle pattern.

Chainlink price analysis
LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 41, suggesting a stable cryptocurrency stock, according to ChainLink’s price review. This indicates that the cryptocurrency falls into the lower neutral zone. Furthermore, the RSI appears to be rising, implying an increasing market. The RSI score rises as a result of buying activity dominance.

ChainLink Price Analysis for 1-day: LINK market bearish

Following a falling trend, the ChainLink market’s volatility increased, suggesting that the price of ChainLink is becoming less susceptible to wild swings on either side. The upper limit of the Bollinger band is $8.9, which acts as a major barrier for LINK. In contrast, the lower limit of the Bollinger band is $5.7, which is the most significant support for LINK.

Chainlink price analysis
LINK/USD 1-day price chart source: TradingView

The descending triangle pattern has been formed with the horizontal line acting as the resistance and the downward sloping line acting as the support. The horizontal line is at $8, and the downward sloping line is at $6.3. The breakout of the descending triangle pattern would take the price to $9.5.The Relative Strength Index (RSI) is currently at 54, which suggests that the price is neither overbought nor oversold. The MACD indicator is currently in the bullish zone and will likely remain in this zone.

The price is currently trading below the 50-day moving average (MA) and the 200-day MA, suggesting that the bears are in control of the market. ChainLink’s price prediction is bearish as the price has failed to break the descending triangle pattern.

ChainLink Price Analysis: Conclusion

Chainlink price analysis reveals the cryptocurrency follows a downward trend with much room for activity on the positive extreme. Moreover, the market’s current condition appears to be following a positive approach, as it shows the potential to move to either bullish extreme.

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