Chainlink price analysis: LINK drops 6 percent, stays trapped in horizontal trend

Chainlink price analysis is bearish today as price made a failed attempt to break out of a horizontal trend that has been in place since July 06, 2022. Over the past 24 hours, LINK declined over 6 percent to move as low as $6.18. LINK has remained trapped in side a sideways trend below the $7 mark and a breakout could only occur if more buying impetus is added to the market. Currently, the market remains in control of bears with price keeping the possibility of moving down to the $6 support over the next 24 hours. Chainlink trading volume fell 30 percent over the past 24 hours, whereas market cap fell 4 percent to move down to $2,886,697,304.

The larger cryptocurrency market fell into the hands of bears once again over the past 24 hours, with all major cryptocurrencies recording damaging declines in price. Bitcoin fell 4 percent to move below the $21,000 mark, while Ethereum moved down to $1,100 with a similar drop. Among leading Altcoins, Cardano shed 4 percent to sit at $0.46, whereas Ripple dipped 6 percent to move down to $0.32. Dogecoin also dropped 4 percent to move as low as $0.66, while Solana and Polkadot moved down to $36.94 and $6.83, respectively.

Chainlink price analysis: Cryptocurrency heat map. Source: Coin360

Chainlink price analysis: LINK remains below crucial moving averages on 24-hour chart

On the 24-hour candlestick chart for Chainlink price analysis, price can be seen facing successive rejections at the $7 mark and falling into an extended sideways pattern. LINK price has been unable to move above the $7 resistance point since June 27, 2022, staying in a narrow range between support at $6 and resistance. However, over the next 24 hours LINK could breach the $6 resistance if buyer consolidation doesn’t come into the market.

Chainlink price analysis: 24-hour chart. Source: Trading View

Price remains below the 20 and 50 exponential moving averages (EMAs) and the 50, 100 and 200-day moving averages. The 24-hour relative strength index (RSI) sits at 43.15 and appears to be heading downwards, showing receding market valuation for LINK. Meanwhile, the moving average convergence divergence (MACD) curve is forming lower lows and could make a bearish divergence over the coming trading sessions. To maintain above support at $6, Chainlink will need to increase its volume level and attract bulls into the market. Unless a breakout happens, LINK price is set to remain between the narrow range at $5.34 and $7.53.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds 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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