ChainLink Price Analysis: LINK breaks resistance at $7.5

ChainLink’s price analysis for October 30, 2022 shows that the market is in a downtrend with bearish momentum, indicating a negative state for the LINK market. The price of ChainLink has been increasing over the past few hours. On October 29, 2022, the price rose from $7 to $7.6. However, the market value fell shortly after and fell to $7.50. Also, ChainLink has lost some value and hit $7.5, just approaching the $7 mark.

ChainLink is currently trading at $7.5 with a volume of $729,227,197. Chainlink is up 5.46% in the past 24 hours. ChainLink is currently ranked 22nd with a real-time market cap of $3,732,570,635.

LINK/USD 4-Hour Price Analysis: The Latest Updates

ChainLink price analysis reveals volatility in the market after the opening bell. This means that the price of ChainLink is becoming more prone to move to either extreme, showing increasing dynamics. The Bollinger Bands are capped at $7.7, the strongest point of resistance for LINK. Conversely, the lower bound of the Bollinger Bands is at $6.6, which is the strongest point of support for LINK.

LINK/USD price appears to be moving above the price of the moving averages, indicating a bullish move. The market trend seems to be dominated by the bulls. However, the LINK/USD price appears to be moving downwards, indicating a further decline in the market. The market appears to be showing bearish potential.

LINK/USD 4-hour price chart source: TradingView

ChainLink price analysis shows that the relative strength index (RSI) is at 62, indicating that the cryptocurrency market is inflated. This means that the cryptocurrency is above the upper-middle zone. Also, the RSI appears to be moving down, indicating that the market is falling. The dominance of selling activity over buying activity caused the RSI score to fall.

ChainLink 1-Day Price Analysis

ChainLink price analysis reveals that the market moves with increased volatility, which means that ChainLink’s price becomes more prone to experiencing variable changes in either extreme. Bollinger Bands are capped at $7.5, another support point for LINK. Conversely, the lower bound of the Bollinger Bands is at $6.5, which is the strongest support point for LINK.

LINK/USD price appears to be moving above the price of the moving averages, indicating a bullish move. The market’s trend seems to be showing a bullish dynamic over the past few days. However, the market has decided to take a negative approach. As a result, today’s action path has changed and the price has started to move down after breaking the market’s resistance band. The market started to fluctuate. This change has played a crucial role in the development of ChainLink. However, the price attempted to move towards the support band of the market.

LINK/USD 1-day price chart source: TradingView

Chainlink price analysis shows a Relative Strength Index (RSI) of 57, indicating a stable cryptocurrency. This means that cryptocurrencies belong to a central neutral zone. Additionally, the RSI path appears to have turned to the downside. A falling RSI score also means that sales activity dominates.

ChainLink Price Analysis Conclusion

Chainlink price analysis shows that the cryptocurrency is on a downtrend, with plenty of room to move in negative extremes. Furthermore, the current state of the market appears to be following a sharp downtrend as it shows potential towards the bearish extreme. The market is showing a lot of depreciation potential on the downside of the market.

Disclaimer. The information provided is not trading advice. is not responsible for any investments made based on the information provided on this page. We strongly recommend doing independent research and/or consulting a qualified professional before making any investment decision.

Source of information: Compiled from CRYPTOPOLITAN by 0x Information.The copyright belongs to the author Narmin, and may not be reproduced without permission

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