25 February, 2024

Chainlink Price Analysis:LINK Likely to End 2022 on a Bearish Note,Below $5.0

1 year ago

07 Dec, 2023

Chainlink price analysis indicates LINK is continuing on a downward trend which could set it up for a drop below $5.Chainlink is trading at $5.69,down by 0.96% over the last 24 hours.This could lead to further bearish movement in the short-term.It is crucial to keep an eye on LINK and its support levels,as any further breakdown will be sure to have a great impact on the crypto space as a whole.

LINK/USD price action:Coinmarketcap

Chainlink’s trading volume remained relatively stable over the past 24 hours at $184,953,231,up by 4.50%.The technical indicators on the daily chart are pointing to a bearish outlook.The Relative Strength Index is trending down and the MACD indicator shows that the bears are in control of LINK’s price movement at the moment.

The key support level for Chainlink is currently situated at $5.15,and any further breakdown could see it slip even lower.The moving average lines are also trending downwards,confirming the bears’ current control.

The 200 SMA line is at $4.15,the next key support level below the current one.The critital support level is at $3.90,and if LINK breaks below it,it could signal the start of a longer-term bearish trend.

The Exponential Moving Average is at $5.73,which is acting as a resistance level for LINK.If the bulls manage to break above this level,we could see an upside movement in the coming days.

Chainlink price analysis on a 4-hour chart shows LINK has formed a falling wedge pattern,which is a sign of potential bullish reversal.However,it is important to note that this pattern has not been confirmed yet,and LINK could still continue its downward trend if it breaks below the current support level.

A rebound around $5.15 could lead to another attempt at breaking above the $6 level.

LINK/USD 4-hour chart:TradingView

Overall,Chainlink price analysis suggests LINK is likely to end 2022 on a bearish note,below $5.It is crucial to stay alert and keep an eye on LINK’s support levels in the coming days.Chainlink habeen hit hard by the 2022 bear market and things are looking bleak for the LINK bulls.

Chainlink’s price analysis indicates LINK is likely to end 2022 on a bearish note,with prices below $5. Technical indicators point to a downward trend,with the key support level currently at $5.15 and the critical support level at $3.90. A rebound around $5.15 could lead to another attempt at breaking above the 50 day SMA line at $6.