Chainlink was rejected at $8.00 causing the price to fall back to the $7.00 mark and might fall further downward
The bulls ran into opposition at the $8.00 price level, which rejected the recent bull run, leading the price to fall back to the $7.00 mark, according to the Chainlink price research.
Chainlink (LINK) Rejected At $8.00 Level
The broader cryptocurrency market has seen gloomy market sentiment, with most major cryptocurrencies experiencing negative price fluctuations.
With 8.19 and 8.34 percent declines, respectively, KSM and CELO are major participants.
The broader cryptocurrency market has seen gloomy market sentiment, with most major cryptocurrencies experiencing negative price fluctuations.
With 8.19 and 8.34 percent declines, respectively, KSM and CELO are major participants.
The MACD is currently bullish over the 4-hour chart, as indicated by the green color of the histogram.
The bulls appear to be fatigued at the moment, as the indicator displays a lighter shade of the histogram, indicating falling negative momentum.
The MACD will show a bearish crossover if the price continues to decrease and falls below $6.50.
EMAs Are Currently Trading Close To Mean Line
As the bullish recovery signals a restoration of market momentum towards the bulls, the EMAs are currently trading close to the mean line.
However, because net activity over the last four days has remained negative, the EMAs are still trading below the mean line. The 12-EMA is currently heading lower while the 26-EMA is rising, indicating a bearish crossover over the short-term charts.
Since May 13, the RSI has been in neutral, climbing as the bulls recovered from the $5.53 lows and advanced towards the $8.00 resistance level.
The indicator is currently trading at 45.69, indicating modest bearish pressure with room to move in either direction. The current downward slop, on the other hand, predicts a short-term reduction in LINK price.
The Bollinger Bands were wide for a few days, but as the price movement returns near $7.20, they are rapidly converging.
At the time of publication, the indicator indicated diminishing price volatility, with its lower limit providing support to bulls at $6.67.
Meanwhile, the $7.88 price level represents resistance to the mean limit.
Technical Analysis For LINK/USDT
The 4-hour Chainlink (LINK) price analysis delivers a sell signal overall, with 15 of the 26 significant technical indicators supporting the bears over the timeframe.
On the other hand, only four of the indications favor the bulls, with a considerable bullish presence in recent hours. Meanwhile, at press time, the remaining seven indicators are on the fence and have not sent any signals.
The 24-hour Chainlink price analysis agrees and offers a strong sell signal, with 12 significant technical indications indicating downward movement and zero signs indicating upward movement.
The research confirms bearish dominance, with little to no bullish pressure seen on the mid-term charts. Nine indicators, on the other hand, remain neutral and do not assist either side of the market.
What To Expect Next
According to the Chainlink price analysis, the bulls are showing indications of weariness with the recent rejection at the $8.00barrier.
This is particularly risky at the moment, as the wider cryptocurrency market is experiencing a crypto winter, which might lead to a dramatic drop in Chainlink (LINK) price.
As the momentum shifts bearishly, traders should expect the chainlink (LINK) price to fall towards the $7.00 support level. If the bulls are unable to defend the level, the next support level is located at $6.00.
The technical indicators are heavily negative, implying a downward collapse to the $6.500 support level before the bulls can gain traction.
