Chainlink price analysis: LINK shows bearish traits at $7.09. Correction ahead?

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The Chainlink price analysis shows the coin is correcting today as it has retraced back to $7.09. Overall, LINK/USD is bearish as it continues to slide downwards following the prolonged downtrend, and today’s price function is also on the bearish side. Yesterday’s price movement was also bullish for the first half of the session, and the coin recovered some value as well, but the bears regained control, and LINK went into sideways movement today with a small deficit in price value.

LINK/USD 1-day price chart: Bears take charge as bulls try to elevate price levels

The 1-day price chart for Chainlink price analysis shows a decrease in price has been observed today. The price, after capping at the level of $7.18 yesterday, has reduced to $7.09 today, as the coin is trading at the later value at the time of writing. The trading volume has gone down by 45.64 percent today, as the LINK/USD also reports a loss in value by 1.09 percent over the last 24 hours, and the crypto pair reports a massive loss in value by 33.11 percent over the past week. However, the market cap has suffered by 0.07 percent over the last 24 hours.

LINKUSD 1 day price chart 2022 05 14
LINK/USD 1-day price chart. Source: TradingView

The volatility is high for LINK/USD as the Bollinger bands are diverging far apart, with the lower limit of the indicator showing more divergence downwards. The upper limit of the indicator is present at the $14.5 mark, which represents resistance for the LINK, and the lower limit is $6.08, representing support for coin price. The moving average (MA) is present at $8.3 below the SMA 50 curve, which is present at $10.3.

The relative strength index (RSI) also follows a horizontal movement as it shows sideways movement in the undersold zone at index 26, indicating yet an undecisive trend for the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows that the price breakout was upwards at the start of today’s session, but later on, bears took over the price function, and the price has been falling since then, but the fall rate has been slow as well.

LINKUSD 4 hour price chart 2022 05 14
LINK/USD 4-hour price analysis. Source: TradingView

The RSI now shows a little downwards movement, which indicates the sellers’ dominance in the market at present, but the intensity of selling activity is not high, which hints at the possibility that a trend change is still there. The price has stepped below the moving average on the 4-hour chart, indicating a bearish crossover. The volatility is high despite the fact that the Bollinger bands have converged, The upper band of the indicator is present at the $8.4 mark, which represents resistance for the LINK, and the lower band is present at $5.8, representing support for LINK price.

Chainlink price analysis conclusion

Chainlink price analysis suggests that the coin is retracing again after observing a recovery yesterday. The overall bearish Chainlink is correcting at this time due to the high bearish pressure. However, the major trend is yet to be decided as the deficit in price has been quite small till now.

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