The most recent Chainlink price analysis was bearish after a turn that saw the cryptocurrency’s value drop to $6.35. The LINK/USD pair was trading in a range between $6.50 and $6.70 before the decline. The LINK/USD pair started the day today with a slight decline that took the price higher to $6.38. The cryptocurrency then experienced a sharp decline that dropped its value to $6.35.
The market is currently declining and a further decline cannot be ruled out. However, the LINK/USD pair should find support at $6.11. A move below this level could see the pair retest the $6.00 level. On the other hand, a move above the $6.35 level could lead the pair to target the $6.50 level.
The digital asset has been one of the top performers in the cryptocurrency market over the past month. The LINK/USD pair had risen from a low of $4.62 on April 25th to a high of $8.19 on May 19th. Since then, the pair has been in a consolidation phase as bulls and bears battle for control of the market. The 24-hour trading volume for the LINK/USD pair is $289 million, and the market cap for the digital asset is $2.92 billion.
LINK/USD 1-day price chart: downtrend interrupts bullish rally as price retreats to $6.35
Chainlink’s daily price analysis shows that the price drop appears to have been caused by a bearish market reversal. The LINK/USD pair had broken out of a descending triangle pattern at the time of writing as bulls took control of the market. On the breakout, the pair surged to highs of $6.35 and a low of $6.11 formed.
The daily RSI for the LINK/USD pair is currently at 49.20 and it seems to be losing momentum. The MACD for the pair is also declining as the signal line crosses below the histogram. The 50-day moving average (MA) is currently at $6.37 and is flat. The 200-day ma is currently at $5.68 and appears to be trending up.
LINK/USD 4-hour price analysis: bulls take control as price surges back above $6.37
The 4-hour Chainlink price analysis shows that the bulls have taken control of the market as the price surged back above the $6.35 level to the 6.37 level. The bulls emerged after the LINK/USD pair found support at $6.11. The market is currently in a consolidation phase with bulls and bears fighting for control of the market.
The bulls have taken control of the market as the 4-hour Relative Strength Index (RSI) for the LINK/USD pair currently stands at 52.80 and seems to be gaining momentum. The MACD for the pair is also bullish as the signal line crosses the histogram. The 50-day MA and 200-day MA are currently at $5.68 and $5.41 respectively, there seems to be an uptrend.
Conclusion of the Chainlink price analysis
Overall, Chainlink price analysis over the 24-hour period appears to be down as the price fell to $6.35 after making a high at $6.37. Within the 4-hour timeframe, the bulls have taken control of the market as the price is trading back above the $6.37 level. The technical indicators are bearish on the 24 hour time frame while they are bullish on the 4 hour time frame. Therefore, a short-term uptrend can be expected in the LINK/USD pair.
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