ChainLink Price Analysis: LINK Gains Bearish Momentum at $6.7

ChainLink price analysis for November 25, 2022 shows that the market is following a partial bearish move and is gaining some negative momentum, signifying a decline for the LINK market. ChainLink price has remained negative for the past few hours. Today the price crashed, rising from $6.8 to $6.6. However, the market soon started depreciating further as the cryptocurrency was already depreciating more. Furthermore, ChainLink is down and has touched $6.7, just shying away from the $7 mark.

ChainLink current price is $6.7, with a trading volume of $316,063,111. Chainlink is up 0.14% in the last 24 hours. ChainLink is currently ranked 21st with a live market cap of $3,401,730,946.

LINK/USD 4-hour Price Analysis: Latest Developments

ChainLink price analysis shows the volatility of the market after a closing move. This means that ChainLink’s price is becoming less prone to moving to either extreme and showing further decreasing momentum. The Bollinger Band cap is at $7, which is the strongest resistance for LINK. Conversely, the Bollinger’s Band floor is located at $5.9, which is acting as the strongest support for LINK.

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

LINK/USD 4 hour price chart Source: TradingView

ChainLink price analysis shows that the Relative Strength Index (RSI) stands at 59, indicating a stable cryptocurrency inventory. This means that the cryptocurrency is falling into the upper neutral zone. Additionally, the RSI seems to be moving down, indicating a bearish market. The dominance of selling activity causes the RSI score to drop.

ChainLink price analysis for 1 day

ChainLink price analysis shows the volatility of the market following a decreasing move, which means ChainLink’s price is less prone to variable changes at either extreme. The upper boundary of the Bollinger Band is located at $8.2 and it serves as LINK’s strongest resistance. Conversely, the lower border of Bollinger’s Band is $5, which is the strongest support point for LINK.

The LINK/USD price seems to be moving above the moving average price, which indicates an upward move. Furthermore, the trend of the market seems to have shown bearish momentum over the past few days. As a result, the market has opted for a negative approach. However, the market is expected to break, the market started closing its volatility and the price started moving lower.

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LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows that the Relative Strength Index (RSI) is 49, signifying a stable cryptocurrency. This means that the cryptocurrency falls into the central neutral zone. Furthermore, the RSI path seems to have shifted into a downward move. The declining RSI score also signifies dominant selling activity that is poised to crush bulls.

Conclusion of the ChainLink price analysis

Chainlink price analysis shows that the cryptocurrency is in a strong downtrend with plenty of room for further activity on the bearish extreme. In addition, the current market situation seems to be taking a negative approach. Hence, we can expect that soon the bears will start making their moves to keep their control over the market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com is not liable for any investments made based on the information provided on this page. We strongly recommend independent research and/or advice from a qualified professional before making any investment decisions.

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