08 December 2022 : In this article we will walk you through Chainlink price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Chainlink, Is LINK a good investment? Chainlink support & resistance levels etc. But before diving deep into the LINK technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $841,153,811,989. The total trading volume stands at $36,964,374,603. Bitcoin shares 38.52 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,850.70 level after a decline of -1.38%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -3.02 percent reaching to $1,232.28 during the previous 24 hours.
While publishing this blog, BNB traded at $284.31, following a price change of -2.04%within the same time frame. XRP the native coin of XRP is down by -1.94 and currently trading at $0.38. Additionally, Dogecoin reached $0.096 after seeing a decline of -4.4% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Chainlink (LINK)
|LINK Resistance Levels||LINK Support Levels|
|Resistance Level 1||$7.55||Support Level 1||$6.50|
|Resistance Level 2||$7.99||Support Level 2||$5.88|
|Resistance Level 3||$8.60||Support Level 3||$5.45|
According to Price Analysis Market Index, Chainlink (LINK) is trading at $6.88 with a trading volume of $235,700,831.00. However,LINK has a price decline of -3.34% in the last 24 hours.LINK price changes -10.55% over the week with a total market capitalization of $3,496,304,561.00 USD.
LINK price analysis for 08 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Chainlink.
|Simple Moving Average (10)||7.19||Sell|
|Exponential Moving Average (10)||7.21||Sell|
|Simple Moving Average (20)||7.38||Sell|
|Exponential Moving Average (20)||7.37||Sell|
|Simple Moving Average (50)||7.37||Sell|
|Exponential Moving Average (50)||7.37||Sell|
The MACD line is standing below of the signal line after a crossover. Chainlink investors need to wait for any directional change over the daily chart. The Relative strength index (RSI) for LINK Coin is currently hovering at 40 for 14-days average line, which means LINK is in consolidation zone right now. As per the price analysis, the LINK price may find support at these crucial levels of $6.50, $5.88, moving below these levels might bring the price to $5.45. on the other side, the resistance levels are at $7.55 and $7.99. A bullish breakout from the above levels may lead the price to the $8.60. While LINK’s Williams %R indicator is at -38.177 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.
Chainlink is now experiencing a significant bearish trend, this does not necessarily imply that the cryptocurrency is in any type of precarious situation that cannot be rectified. Even if the price is falling steadily, it is anticipated that the two support levels will serve as strong barriers and cause the trend line to rebound back into the positive zone.