ChainLink price analysis: LINK obtains fully bearish momentum at $7.3


Chain Link Price Analysis for December 4, 2022 reveals that the market is following a full bearish move, gaining massive negative momentum, which means a downside for the LINK market. The price of Link of the chain it has remained negative in the last hours. Today, the price crashed from $7.4 to $7.2. However, the market value began to rise further soon after as the cryptocurrency already gained more than its value. Furthermore, ChainLink has risen and reached $7.3, barely shying away from the $7.5 mark.

The current price of ChainLink is $7.3, with a trading volume of $191,913,312. Chainlink is down 1.14% in the last 24 hours. ChainLink is currently ranked 20th with a live market cap of $3,712,244,070.

LINK/USD 4-Hour Price Analysis: Latest Developments

Chain Link Price The analysis reveals the volatility of the market after an up move. This means that the ChainLink price is becoming more prone to a move to either extreme, showing additional downward momentum. The upper limit of the Bollinger band is at $7.7, which is the biggest resistance for LINK. On the contrary, the lower limit of the Bollinger band is $7.1, which acts as the strongest support for LINK.

The LINK/USD price appears to be moving below the price of the moving average, which signifies a bearish move. The market trend seems to be dominated by bears. The LINK/USD price appears to be moving lower, illustrating a bear market. The market appears to be almost broken, which could trigger a reversal move; there might still be hope for the bulls yet.

LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the relative strength index (RSI) is 45, which shows a stable cryptocurrency stock. This means that the cryptocurrency falls into the lower neutral region. Also, the RSI seems to be moving lower, indicating a declining market. The dominance of selling activities causes the RSI score to decrease.

ChainLink Price Analysis for 1 Day

ChainLink price analysis reveals market volatility after an up move, which means that the ChainLink price is increasingly prone to variable swings at either end. The upper limit of the Bollinger band is $7.9, which is the major resistance of LINK. On the contrary, the lower limit of the Bollinger band is at $5.5, which is the strongest support point for LINK.

The LINK/USD price appears to be moving below the price of the moving average, which signifies a bearish move. In addition, the market trend seems to have shown a bearish dynamic in recent days. As a result, the market has gone for a negative approach. However, yesterday the market broke down, the market began to open up its volatility, and the price began to move lower.

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iLINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows that the relative strength index (RSI) is 54, which means a stable cryptocurrency. This means that the cryptocurrency falls into the upper neutral region. Also, the RSI path seems to have changed to a linear movement. The constant RSI score also means equivalent buying and selling activities.

ChainLink Price Analysis Conclusion

Chainlink’s price analysis reveals that the cryptocurrency is following a strong downtrend with plenty of room for more activity on the falling end. Also, the current market condition seems to be taking a negative approach. Therefore, we can assume that the bears will start making their moves soon to maintain their grip on the market.

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