The price of Chainlink (LINK), is showing bearish momentum, as the market seems to be experiencing fatigue.
- Chainlink price outlines bearish strides
- Support for the LINK/USD pair is found at $8.54
- At $9.26, you can see pair resistance
As expected, overnight’s downtrend in the price of the USD/LINK pair was evident.
The market has also suffered a 4.80% loss over the last 24 hours. It currently faces resistance at $9.26. LINK is extremely bearish at the moment with $8.54 being key support.
LINK price drops 1.83%
According to the daily chart, the LINK/USD exchange rate has seen a huge decline in the last 24hours. The bearish stance of LINK is evident in the LINK plunge.
According to CoinMarketCapLINK has fallen by 1.83% and is currently trading at $8.51. It appears to have dropped from $8.54 as its support.
Current trading volume has fallen by 24.51% to $363,041,655 and the market capital is $4 billion. LINK’s price was around $8 since Sunday.
The daily price chart shows that the LINK/USD pairing is extremely bearish over the last few hours, with the MACD lingering within the bearish zone.
RSI for LINK has been spotted at 42.09 which is indicating that the market may fall further.
To date, there is a 50-day moving median of $10.48 and a 200-day average hovering around $12.19. These indicate that the market is in decline.
TradingView.com chart
Additional Retreats are possible with Chainlink’s MACD Line
This 4-hour analysis shows a bearish flag pattern, which signals that the market has deflated further.
The LINK/USD pair traded between $8.54 and 9.26. However, it faces resistance at $9.26. This is as evident in the recent hours.
MACD is hovering above the signal line, which means that market volatility could continue. The current RSI reading is in the lower 50s, which indicates a bearish trend.
Further, both the 200-day and the 50-day moving mean are dropping and falling below current market prices. This suggests that the market has experienced a major downturn.
In the short-term, Chainlink’s price shows a general bearish sentiment but will most likely drop to $9.26 as the key resistance.
If the bulls break through the resistance key level, the market could expect an upward trend.
Source: TradingView.com| Source: TradingView.com Featured Image from Medium Chart, TradingView.com