Chainlink (LINK) Drops Value to $6.1 – Price Analysis

Altcoins Chainlink (LINK) Cryptocurrency DeFi News Price Analysis
  • Chainlink price paints a bearish picture.
  • LINK’s massive resistance stance at $8.9
  • The alt has reliable support at $%.9

Chainlink price outlook shows the alternative token exploring bearish tendencies on 13 November 2022. Crypto suffered a massive downside amidst the ongoing turmoil in the cryptocurrency market. LINK’s price remained negative within the last few hours.

Today’s session saw Chainlink plummeting to $6.5 from $7. Nevertheless, the market kick-started further value decline again, welcoming massive losses for the alt. That saw Chainlink losing the $6.5 mark to $6.1.

While publishing this content, LINK hovered at $6.1, with its trading volume at $348,971,130. Crypto has lost 3.24% within the past day. Its $3,030,017,750 market cap has the coin ranking 21.

Chainlink 4Hr Chart – Latest Developments

Chainlink’s outlook shows the asset’s volatility on an opening trend. That means the token is becoming more vulnerable to actions towards the either extreme, confirming more increasing dynamics. The upper Bollinger bands stand at $8.9, symbolizing a steady resistance. Meanwhile, the lower BB represented LINK’s stable support at $5.9.

LINK-USD price seems to move under the MA price, suggesting bearishness for the alternative token. Bears seem to have dominated the marketplace. Participants can expect reversal movements as the market appears broken. However, there could be hope for Chainlink bulls.

Meanwhile, the RSI (Relative Strength Index) read 36, confirming a briefly undervalued crypto. That means the token stayed within the bottom neutral territory. Moreover, the RSI moves downwards, suggesting a plunging market. Selling activities dominance triggers declines in RSI.

Chainlink 1D Analysis

The 1-day chart shows Chainlink maintaining increasing market volatility trends, meaning the token is becoming more susceptible to changes toward either extreme. The 24hr chart’s upper Bollinger band represents resistance at $8.9. conversely, the lower BB limits offer massive support at $5.9.

The RSI (Relative Strength Index) at 40 signifies a stable asset, placing LINK at the lower neutral territory. Nevertheless, the indicator has shifted to downward tendencies. A plunging Relative Strength Index translates to dominant selling activities.

Conclusion

Chainlink analysis shows the alternative token following massive downward trends with enough room for more declines. Furthermore, the current market conditions maintain a negative stance. Thus, the bears can establish their regime soon.

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