- Chainlink market bearish momentum is apparent as prices drop.
- To reach their current $7.87 price, LINK’s costs decreased by 3.32%.
- Technical indicators on the 4-hour chart point to a potential continuation of the negative market.
As the bears seize control of Chainlink‘s market, the price of the digital currency continues to fall. Prices for LINK decreased by 3.32% to their current level of $7.87.
This price movement may have been influenced by the market capitalization’s 3.53% drop to $3,867,803,927 and the trading volume’s 14.47% drop to $559,814,800 over the previous 24 hours.
LINK/USD 1-day price chart (Source: CoinMarketCap)
The 4-hour price chart indicates that the Stoch RSI is oversold with a rating of 1.65. This market activity suggests that the present bearish trend in the price of LINK is about to come to an end.
The top and lower bands of the Bollinger Bands are touching at 8.229 and 7.177, respectively, as they are shrinking. This movement suggests a bearish momentum in the current market, but the rising tendency toward the top band suggests a positive reversal may happen soon.
The Relative Strength Index (RSI) is currently reading 53.43 and is moving south, indicating that the market’s downward trend may continue.
LINK/USD 4-hour price chart (Source: CoinMarketCap)
The LINK market is seeing increased selling pressure as the Balance of Power (BOP), which has a value of -0.32 and a bearish crossing, is in the negative region.
The downward-pointing MACD blue line passes below the signal line, indicating that the market’s bearish momentum may persist. The signal line is reading 0.193, while the MACD line is reading 0.171.
LINK/USD 4-hour price chart (Source: CoinMarketCap)
In the LINK market, the bears outnumber the bulls and successfully drive prices lower; in order to reverse the trend, the bulls must maintain the resistance level and drive prices upward.
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