LINK/USD breaks below $7.36 as bearish trend overwhelms the market – Cryptopolitan

Chainlink price analysis shows a downtrend today as the market slides below the $7.36 level. The bears seem to be in control as the price slid from a high of $7.03 earlier today. The bears have been steadily pushing the price lower, and it appears to be headed for a break below $7.36 soon. Volume has been light in the past few days, indicating that the selloff could be a temporary one. The next level of support is at $7.15, while the resistance for the LINK/USD pair is currently at $7.39. If the bears can maintain their strength, then a break below $7.3 could be in store. Alternatively, if the bulls step in and push the price higher, then it could go back up toward the $8 level. 

Chainlink price analysis on 1-day price chart

The one-day Chainlink price analysis shows that the key support levels are $7.13 and $7.15. The price appears to be headed for a break below $57.36 soon, which could open up the further downside. On the upside, the bulls need to defend the $7.36 level and push it above $8. The Chainlink has been low in the past few days, signaling that the current downtrend could be a temporary one.

LINK/USD 1-day price chart, source: TradingView

The daily technical indicators are all bearish, which suggests that LINK is likely to continue its downward trend. The relative strength index (RSI) is currently sitting at 61.26, which indicates that the market is neither overbought nor oversold. Moreover, Moving on toward the moving average (MA) value, which is $7.071. On the other hand, the Moving Average Convergence Divergence (MACD) indicator is in the red zone with the MACD line below the signal line. This shows a strong bearish action.

LINK/USD 4-hour price chart: Bearish momentum continues

The 4-hour price chart for Chainlink is also showing bearish momentum, as the token is trading below its moving average (MA) value of $0.087862. Over the last seven days, when the bearish pressure was at its strongest, the cryptocurrency pair’s value has decreased by more than 0.24 percent. The market capitalization for LINK/USD currently stands at $240 million, while the trading volume totals $3.71 billion.

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LINK/USD 4-hour price chart, Source: TradingView

The moving average convergence and divergence (MACD) line shows a bearish crossover with the signal line below the MACD line, indicating that prices are likely to trend lower. The RSI is also in the oversold region, suggesting that sellers are in control and the buyers may have to wait for a reversal of fortunes before they can make any headway. It appears that the bearish sentiment is likely to continue for the short term, with prices expected to remain in a downtrend. Moreover, the current market price is trading well below the 50 and 100-day MA levels, which is a bearish sign.

Chainlink price analysis conclusion

In conclusion, based on the Chainlink price analysis, it looks like the short-term outlook is bearish, and traders should use caution while opening new positions. Therefore, when prices decline to the support line, the dogecoin price analysis for today shows a bearish market sentiment. As the market turns downward, the bears have solidified a bearish trend. The market’s bearish tendency is also supported by technical indicators. Prices are expected to fall much further as selling pressure increases.