Chainlink price analysis: LINK shows negative momentum at $15.5

TL;DR Breakdown

• Chainlink price prediction appears to be bearish.
• The strongest resistance is present at $18.1
• The strongest support is present at $14.7.

The Chainlink price analysis for April 8, 2022, reveals the market following a bearish movement, obtaining some negative momentum, signifying a loss of positivity for the LINK market. The price of Chainlink has remained negative over the past few hours. On April 6, 2022, the price crashed and went from $16.6 to $15.6. As a result, the market started depreciating soon after and lost most of its newly gained value. Moreover, Chainlink has declined slightly and devalued the price to $15.5.

The current price of Chainlink is $15.5, with a trading volume of $396,992,304. Chainlink has been up 0.18% in the last 24 hours. Chainlink currently ranks at #23 with a live market cap of $7,328,113,831.

LINK/USD 4-hour price analysis: Latest developments

The Chainlink price analysis reveals the market’s volatility following a decreasing movement. This means that the price of Chainlink is becoming less prone to undergo variable change on either extreme. The upper limit of the Bollinger’s band is present at $17, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $14.7, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to be dominated by bears. The LINK/USD price appears to be moving towards the support, which could potentially reverse the movement soon if the price breaks the support.

The Relative Strength Index (RSI) is 35, showing a severely undervalued cryptocurrency stock. This means that the cryptocurrency falls below the lower neutral region. Furthermore, the RSI appears to move downward, indicating a decreasing market. The dominance of selling activity causes the declining RSI score. The RSI indicates depreciating features that could potentially reverse the market dynamic if it falls too much. This can be considered an opening for the bulls if they capture this opportunity.

Chainlink Price Analysis for 1-day: LINK shows negative signs

The Chainlink price Analysis reveals the market’s volatility following a declining movement, which means that the price of Chainlink is becoming less prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $18, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $14.4, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to have shown consistent bullish momentum in the last few days. However, the market has decided on a negative approach for now. The less volatile market may be unfavorable for the bulls as the bears now have good chances of maintaining their movement and deprecating the value of LINK even more.

The Chainlink price analysis shows the Relative Strength Index (RSI) to be 46, signifying a stable value for the cryptocurrency. This means that the cryptocurrency falls in the lower undervalued region. Furthermore, the RSI path seems to have shifted to a slight downward movement. The low RSI score also means dominant selling activity.

Chainlink Price Analysis Conclusion

The Chainlink price analysis reveals the cryptocurrency follows a downward trend with much room for activity on the negative extreme. The market’s current condition appears to be very unpredictable, as it shows potential to move to either extreme.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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• Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-04-08/