ChainLink price analysis: CHAINLINK decreases the value to $6.8

ChainLink’s price analysis for December 11, 2022 shows that the market received a very large negative momentum after a full downside move, which is bearish for the LINK market.

ChainLink price analysis
ChainLink price analysis

ChainLink prices have remained negative for the last few hours. Today the price has fallen, rising from $7 to $6.7. However, the market soon started to appreciate further as the cryptocurrency gained more than its value. Additionally, ChainLink has jumped to $6.8, just below the $7 mark.

The current price of ChainLink is $6.8 with a trading volume of $137,472,482. Chainlink is up 0.34% in the last 24 hours. ChainLink is currently ranked 20th with a direct market capitalization of $3,484,542,528.

ChainLink 4-hour price analysis

ChainLink’s price analysis shows market volatility after a downtrend. This means that the price of ChainLink is not likely to move towards either extreme, indicating further downside momentum. Bollinger Band limit is $7, which is the strongest resistance for LINK. Conversely, the lower limit of the Bollinger Band is $6.7, which acts as the strongest support for LINK.

The LINK/USD price seems to be moving below the moving average price, indicating a bearish move. The market trend seems to be dominated by the bears. The price of LINK/USD seems to be trending down, depicting a bearish market. The market looks close to a break which could trigger a reversal; there may still be hope for the bulls.

ChainLink 4-hour price analysis
ChainLink 4-hour price analysis

ChainLink’s price analysis shows that the Relative Strength Index (RSI) stands at 40, indicating a stable stock of the cryptocurrency. With that, the cryptocurrency fell into a lower neutral zone. Also, the RSI seems to be sloping downwards, indicating a bearish market. The dominance of selling activity causes the RSI score to decrease.

ChainLink price analysis for 1 day

ChainLink’s price analysis shows market volatility after a bearish move, which means that ChainLink’s price is less susceptible to volatile swings at both extremes. The Bollinger Band’s upper limit is located at $7 and serves as LINK’s strongest resistance. Conversely, the lower limit of the Bollinger Band is $5.9, which is the strongest support point for LINK.

The LINK/USD price seems to be moving below the moving average price, indicating a bearish move. Also, the market trend seems to be showing downward momentum over the past few days. As a result, the market took a negative approach. However, yesterday the market crashed, the market started to open up its volatility and the price started moving down.

ChainLink price analysis for 1 day
ChainLink price analysis for 1 day

Chainlink price analysis shows that the Relative Strength Index (RSI) is 46, which means a stable cryptocurrency. This places the cryptocurrency in a central neutral zone. Moreover, the path of the RSI seems to have shifted to a downtrend. A decrease in the RSI score also indicates a dominant sales activity.

Conclusion

Chainlink’s price analysis shows that the cryptocurrency is following a strong downtrend with plenty of room for further downside activity. Moreover, the current market situation seems to follow a negative approach. Hence, we can expect that the bears will start maintaining their control over the market soon.

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