A modest recovery in the U.S dollar limits the recovery gains in the global crypto market
Chainlink (LINK) price analysis remains bearish for the day. The price fell for the second straight day as it extends the losses of the precious week. The token price dropped more than 6% in two days after registering gains of 35% since December 31.
As of press time, LINK/USD is trading at $6.50, down 4.80% for the day. The current market trend is showing a steady increase in buyers and sellers, as the trading volume has risen to $46 billion in the past 24 hours as per Coinmarketcap. The market cap has fallen marginally, currently standing at $3,343,867,123.
Chainlink price remains pressured below $7.00
From a technical perspective, the Chainlink (LINK) price indicates the presence of the sellers at a higher level.
From the bottom of $5.38, Chainlink appreciated 30%, but could not sustain the gains further. The price was on a good track to break and close above the high of $7.10. A sign of rejection was seen on Saturday when bulls were chasing the price action while closing below the higher level.
A descending trend line from the high of $9.46 acts as the barricade for the bulls. As the bulls meet the negative trend line they lost their footing. Now, a daily close below $6.41 would invite more sellers.
If that happens immediate support lies near the 50-day Exponential Moving Average (EMA) of $6.31.
Additional selling pressure would confirm the continuation of the downside momentum toward $6.00.
On the other hand, a resurgence of the buying pressure could breach the descending trend line and will test $7.00 on an immediate basis.
Next, market participants could recapture $7.50.
Technical Indicators:
RSI: The daily RSI reads at 57.
MACD: The MACD trades above the midline with a receding bullish momentum.
