Chainlink (LINK) price is showing bearish momentum as the market appears to be showing signs of fatigue.
- Chainlink price shows a downward trend.
- Key support for the LINK/USD pair was found at $8.54.
- Pair resistance seen at $9.26
The price of the LINK/USD pair fell in an overall predictable overnight decline.
Moreover, the market has lost 4.80% in the last 24 hours and is currently facing major resistance at $9.26. Currently, LINK price appears to be very bearish with key support at $8.54.
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LINK price discount 1.83%
Looking at the daily chart, we can see that the LINK/USD pair has suffered a huge decline in the last 24 hours. LINK’s sharp drop was consistent with its bearish stance.
According to CoinMarketCap, LINK price is down 1.83% to $8.51 at the time of writing. It appears to have fallen from the support level of $8.54.
Current trading volume is $363,041,655, down 24.51%, with a market capitalization of $4 billion. Apparently, LINK price is hovering around $8 as seen since Sunday.
Looking at the daily price chart, the LINK/USD pair appears to have been incredibly bearish over the past few hours with the MACD remaining in bearish territory.
LINK’s RSI is at 42.09 and is entering oversold territory, indicating that the market could fall further.
As of now, the 50-day moving average is at $10.48 and the 200-day moving average is at $12.19, showing a clear downward trend in the market.
Chart from TradingView.com
Chainlink MACD line hints for further pullback
The 4-hour price analysis shows a bearish signal pattern that indicates the market is heading lower.
The LINK/USD pair is trading from $8.54 to $9.26 and is facing major resistance at $9.26 as seen over the past few hours.
The MACD line is hovering above the signal line, indicating that the market may plunge further. Currently RSI is below the 50 range which indicates a bearish trend.
Moreover, both the 50-day moving average and the 200-day moving average are flat and below the current market price, suggesting that the market is experiencing a major downturn.
Chainlink price is showing overall bearish momentum in the near term, but is likely to plunge towards the key resistance stick of $9.26.
If the bulls are able to break through the key resistance level, the market can expect a slight upward trend.
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LINK total market cap at $3.8 billion on the daily chart | Source: TradingView.com Featured image from Medium, Chart from TradingView.com