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Chainlink Price Analysis: LINK depreciates at $6.05 after bearish move

Chainlink price analysis for July 3, 2022 illustrates that the market is following a complete bearish movement. Chainlink’s price has dropped significantly in the past few hours; However, the trend now has devaluation dynamics. On July 2, 2022, the price dropped from $6.29 to $6.02. However, it soon gained positive momentum, remaining below the $6.1 mark, indicating uncertain bearish momentum. Chainlink performs negative motion.

Chainlink’s current price is $6.05, with a trading volume of $246,771,730. Chainlink is down 1.92% in the last 24 hours. Chainlink is currently ranked #22 with a live market cap of $2,826,234,218.

LINK/USD 4-Hour Price Analysis: Latest Developments

Chainlink price analysis reveals market volatility following a bearish move. This means that the price of the chainlink is less likely to undergo drastic changes. The upper limit of the Bollinger’s band is $6.2, which serves as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is at $5.9, which acts as a strong support point 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 in the hands of the bears once again. However, the LINK/USD price seems to be moving downwards, trying to break the support in the next few hours.

Figure 32
LINK/USD 4-Hour Price Chart Source: TradingView

The Relative Strength Index (RSI) is 42, which shows a stable cryptocurrency stock. This means that Chainlink is entering undervalued territory. Furthermore, the RSI appears to be moving downwards, indicating a gradually declining market. A decreasing RSI represents strong selling activities and a possible move towards cryptocurrency devaluation.

Chainlink Price Analysis for 1-Day

Chainlink price analysis reveals market volatility after a bearish move, which means that Chainlink’s price is less prone to experience drastic changes. The upper limit of the Bollinger’s band is $7.4, which serves as the LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is $5.7, which is the most substantial support for LINK.

The LINK/USD price seems to be moving below the moving average price, indicating a bearish move. However, a less volatile market may prove favorable for bears as they have better chances of maintaining their trend.

However, LINK price seems to be following a downward path towards support, which could change the trend if broken; Price volatility in either direction determines the movement depending on price volatility in either direction.

Figure 33
LINK/USD 1-Day Price Chart Source: TradingView

Chainlink price analysis shows that the Relative Strength Index (RSI) is 41, indicating a stable score for the cryptocurrency. This means that the cryptocurrency falls in the lower neutral zone. Furthermore, the RSI line follows a downward movement, indicating a bearish market. Finally, a constant RSI score means the dominance of selling activities.

Chainlink Price Analysis Conclusion

Chainlink price analysis reveals the cryptocurrency to follow a strong downtrend with more room for weaker activity. However, the bears have captured the market for now and declining volatility favors the bears. As a result, they could significantly decline LINK’s price and give the bulls a run for their money.

Disclaimer. The information provided is not business advice. Cryptopolitan.com shall have 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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