Chainlink price analysis for June 11, 2022, illustrates the market is following a complete bullish movement. The price of Chainlink has declined significantly over the past few hours; however, the trend has devaluation dynamics now. On June 10, 2022, the price crashed and went from $9.4 to $8. However, it gained positive momentum soon after, staying under the $8 mark, signifying uncertain bearish momentum. Chainlink maintains a negative movement.
The current price of Chainlink is $7.2, with a trading volume of $706,690,490. Chainlink has been down 14.41% in the last 24 hours. Chainlink currently ranks at #22 with a live market cap of $3,374,720,829.
LINK/USD 4-hour price analysis: Latest developments
Chainlink price analysis reveals the market’s volatility following a massive increasing movement. This means that the price of Chainlink is becoming significantly more prone to undergo variable changes on either extreme. The Bollinger’s band’s upper limit is $9.8, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is present at $7.26, which serves as another resistance point for LINK.
The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to have been handed to the bears once again. However, the LINK/USD price appears to be moving downward after breaking the support in the last few hours.
LINK/USD 4-hour price chart source: TradingView
The Relative Strength Index (RSI) is 33, showing a stable cryptocurrency stock. This means that Chainlink is entering the undervalued region. Furthermore, the RSI appears to move slightly upwards, indicating a gradually increasing market. The increasing RSI represents dominant buying activities and possible movement towards the stability of the cryptocurrency
ChainLink price analysis for 1-day
Chainlink price analysis reveals the market’s volatility following a declining movement, which means that the price of Chainlink is becoming less prone to experience variable change on either extreme. The Bollinger’s band’s upper limit is $8.9, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is at $5.8, which is the most substantial support for LINK.
The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. However, the less volatile market may prove favorable for the bears as they have good chances of maintaining their trend.
However, the price of LINK seems to follow a downward path towards the support, which could potentially shift the trend if it breaks; the fluctuation of the cost in either direction will decide the movement depending on the instability of the price in either direction. However, in the most likely series of events, the price will possibly break the support, and bears might initiate a possible reverse trend.
LINK/USD 1-day price chart source: TradingView
The Chainlink price analysis shows the Relative Strength Index (RSI) to be 44, signifying a stable score for the cryptocurrency. This means that the cryptocurrency falls in the lower neutral region. Furthermore, the RSI path follows a downward movement, indicating a decreasing market. Finally, the constant RSI score also means the dominance of selling activities.
Chainlink Price Analysis Conclusion
The Chainlink price analysis reveals the cryptocurrency to follow a strong downwards trend with much more room for bearish activity. However, the bears have currently taken over the market, and the declining volatility favors the bears. As a result, they might be able to decline the price of LINK significantly and give the bulls a run for their money.
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