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LINK Price Analysis: Chainlink continues on a Downtrend as bulls kept found wanting

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•LINK/USD is trading at $6.34 and has increased by 1.23%over the past day 

•The trading volume over the past 24 hours has been increased by 3.10%

•The technical indicators suggest a hawkish outlook for the near term 

Short Term View: LINK crypto falls as bears grab a foothold in the market 

The Chainlink price today is $6.34 USD with a 24-hour trading volume of $400,403,027 USD. LINK crypto is up 1.23% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.1352 for the altcoin.

LINK crypto price has been on a descending triangle pattern since May 2022 with a period of consolidation now being seen in the altcoin as markets continue to recover from the latest BTC setback while the broader crypto market continues its search for support from the wider market. In an anomaly, the Chainlink price is currently transacting above the 20,50 SMA on the four hour chart. A continuation of the downtrend would see LINK crypto succumb to the bearish sentiment and plunge towards the support level placed at $6. On the flip side, the upside is capped at $7 for Chainlink. The price might decrease further in the upcoming days, as the price charts are showing a bearish trend, even as the coin is up by 1.23% in the last 24 hours.

Long Term View for Chainlink 

LINK crypto has broken the falling trend channel down in the medium long term, which indicates an even stronger falling momentum. The RSI is currently transacting at 44.90, as the RSI line has moved below the 14-day average line on the daily chart. The green histograms have been suppressed by the intense selling pressure as momentum has been sapped out of Chainlink. The MACD and signal lines continue to transact in the negative territory, and are showing no signs of improvement.

Conclusion 

Chainlink is undergoing a strong negative trend and further decline has been indicated by the charts.It remains to be seen whether LINK crypto can cope up with the latest setback that it has been facing. 

Support: $6-$5

Resistance: $7-$7.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

ALSO READ: Coinbase Economist Says The Comparison Between Bitcoin And Gold Is Not Appropriate: Know Why

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