Chainlink (LINK) price is showing bearish momentum as the market appears to be showing signs of fatigue.
Chainlink price outlines bearish strides
LINK/USD pair key support spotted at $8.54
Pair resistance is seen at $9.26
The LINK/USD pair price slips on a downtrend as seen overnight which has been predictable overall.
More so, the market also suffers a loss of 4.80% as seen in the past 24 hours, and currently faces key resistance at $9.26. For now, the LINK price appears to be extremely bearish with key support seen at $8.54.
Chainlink Price Sheds 1.83%
The daily chart reveals that the LINK/USD pair has suffered a massive decline as seen in the past 24 hours. The plunge of LINK has been consistent with its bearish stance.
According to CoinMarketCap, LINK’s price has been down by 1.83% or trading at $8.51 as of this writing. It seems to have fallen from its support line of $8.54.
The current trading volume is down by 24.51% or at $363,041,655 with the market cap at $4 billion. Apparently, LINK price has been circling the $8 mark as seen since Sunday.
Judging by the daily price chart, the LINK/USD pair is seen to be immensely bearish for the past few hours with the MACD lingering in the bearish zone.
RSI for LINK is spotted at 42.09 and is stepping into the oversold zone which signals that the market could go down further.
To date, the 50-day moving average is present at $10.48 while the 200-day moving average is hovering at $12.19 signaling that the market is having a marked decline.
Chart from TradingView.com
Chainlink MACD Line Hints At Further Retreat
The 4-hour price analysis is showing a bearish flag pattern signaling that the market is deflating further.
The LINK/USD pair is seen trading from $8.54 to $9.26, facing key resistance at $9.26 as seen in the past few hours.
The MACD line hovers above the signal line which indicates that the market could plunge further. The current RSI is below the 50 range which signifies a bearish trend.
More so, the 50-day and 200-day moving averages are both falling flat and going under the current market price hinting that the market is suffering a massive downshift.
Chainlink’s price is showing an overall bearish momentum in the short term but would most likely nosedive with the key resistance stick at $9.26.
The market may expect some upward trend if the bulls can break past the key resistance level.
LINK total market cap at $3.8 billion on the daily chart | Source: TradingView.com
Featured image from Medium, Chart from TradingView.com