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The Chainlink price analysis shows that the LINK bulls have lost control as the price breaks below $8. The LINK/USD pair has been on a tear since mid-September, rallying over 400% to hit $9. However, since then, the token has shed nearly 20% in value and currently trades at $7.09.
Chainlink price analysis reveals that the token is currently in a bearish trend as it breaks below key support levels.
Looking at the 4-hour chart, we see that the LINK bulls managed to push the token above the $8 resistance level but were unable to sustain the momentum. The token retraced below $8 and found support at the $7.50 level. The bulls made another attempt to push the token above the $8 resistance but were again met with selling pressure as the token fell back below $8. The bearish momentum has continued and the token is now trading below the $7.50 support level.
LINK/USD 1-day price chart: Bears take charge as bulls try to elevate price levels
The 1-day price Chainlink price analysis chart, however, reveals that the bulls are still trying to maintain control as the token trades above the $6 support level. The bulls have managed to push the token above the $8 resistance level but have been met with selling pressure at higher levels. The token has retraced below $8 and is currently trading at $7.09.
LINK/USD 1-day price chart. Source: TradingView
The bulls will need to push the token above the $8.57 resistance level to resume the uptrend. On the downside, support is present at $6. If the bears break below this level, they will target the $5.50 support level.
The Chainlink price analysis shows that the bulls are still in control as the token trades above the $6 support level. However, the bears are gaining momentum and a correction is likely.
The Chainlink price analysis reveals that the bulls are losing control as the price falls below key support levels. A correction is likely as the bears target the $5.50 support level.
The 1-day Chainlink price analysis reveals that the bulls are still in control of the token as it trades above the $6 support level. However, the bears are gaining momentum and a correction is likely. The bulls will need to push the token above the $8.57 resistance level to resume the uptrend. On the downside, support is present at $6. If the bears break below this level, they will target the $5.50 support level.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour Chainlink price analysis reveals that the bulls have lost control as the price falls below key support levels. The bears are targeting the $5.50 support level as the bulls try to maintain control.
LINK/USD 4-hour price analysis. Source: TradingView
The RSI for the LINK/USD pair is currently below the 50 level, indicating that the bears are in control of the market. However, if the RSI can move above the 50 level, it will signal a change in trend.
Chainlink price analysis conclusion
Chainlink price analysis shows that the bulls have lost control as the price falls below key support levels. The bears are targeting the $5.50 support level as the bulls try to maintain control. A move below this level will confirm a further decline in price. On the upside, the bulls need to push the token above the $8.57 resistance.
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