ChainLink’s price analysis for 16 September 2022 shows that the market is receiving huge negative momentum after a full downtrend, which is bearish for the LINK market. ChainLink prices have remained negative for the past few hours. Today the price fell, rose from $7.1 to $6.4. However, the market soon started to recover and regained most of its value. Also, ChainLink jumped to $6.5.
ChainLink’s current price is $6.5 with a trading volume of $382,485,885. Chainlink is down 4.98% in the last 24 hours. ChainLink is currently ranked 23rd with an immediate market cap of $3,215,345,518.
LINK/USD 4 hours Price Analysis: Latest Developments
ChainLink price analysis shows market volatility after the opening move. This means that ChainLink prices are becoming more vulnerable to moving to both extremes, indicating further downward momentum. The Bollinger Band limit is at $7.5, which is the strongest resistance for LINK. On the other hand, the lower limit of the Bollinger Band is $6.3, another strong point of support for LINK.
LINK/USD price seems to be moving below its moving average price, which indicates a bearish move. The market trend seems to be dominated by bears. The price of LINK/USD seems to be in a downtrend, representing a bear market. The market looks almost broken which could trigger a reversal move; there may still be hope for the bulls.
ChainLink’s price analysis shows that the Relative Strength Index (RSI) stands at 32, indicating a slightly undervalued cryptocurrency stock. With that, the cryptocurrency fell to a lower neutral zone. Moreover, the RSI seems to be tilted to the downside, indicating a bear market. The dominance of selling activity caused the RSI score to decline.
ChainLink 1 Day Price Analysis
ChainLink price analysis shows market volatility after an upward move, meaning that ChainLink prices become more vulnerable to volatile swings at both extremes. The upper limit of the Bollinger Band is located at $9.7 and serves as LINK’s strongest resistance. On the contrary, the lower limit of the Bollinger Band is located at $6, which is the main support for LINK.
LINK/USD price seems to be moving below its moving average price, which indicates a bearish move. Furthermore, the market trend seems to be showing a downward momentum over the past few days. As a result, the market took a negative approach. However, yesterday the market collapsed and the market started to open up to its volatility and the price started to move lower.
Chainlink’s price analysis shows that the Relative Strength Index (RSI) is 35, signaling an undervalued cryptocurrency. This puts the cryptocurrency in a depreciation zone. The path of the RSI also appears to have shifted to a linear movement. A constant RSI score also means equal buying and selling activity.
Conclusion of ChainLink price analysis
Chainlink’s price analysis shows that the cryptocurrency is following a strong downtrend with plenty of room for further downside activity. Furthermore, the current market situation seems to be following a negative approach. Therefore, we can expect that the bears will soon start to maintain their control over the market.