Chainlink Price Analysis – June 6
The Chainlink price is recording a downtrend of 0.23% within the last 24 hours as the coin declines from $28.2 to $26.6.
Resistance levels: $40, $45, $50
Support levels: $15, $10, $5
LINK/USD bulls were rejected around $28.2 level and the coin dropped to $26.6 in the early hours of today. The LINK price is currently moving sideways below the 9-day and 21-day moving averages. Meanwhile, the technical indicator Relative Strength Index (14) shows increasing bearish momentum as the signal line moves below 45-level, indicating that the market sentiment is likely to go bearish.
Chainlink Price Analysis: Will Chainlink see a Further Downside?
The daily chart reveals that the LINK price is changing hands at $27 where it faces down. More so, if the price of Chainlink rises again and break above the 9-day and 21-day moving averages, the coin may start its upward movement to retest the previous high. However, the nearest resistance levels to reach are $40, $45, and $50 while the support levels are located at $15, $10, and $5 respectively giving a low trading volume.
LINK/BTC Market: Bears are flexing their Muscles
Against Bitcoin, the Chainlink price has been dropping for the past few days as the coin trades under the 9-day and 21-day moving averages to continue the bearish run at the time of writing. Meanwhile, the next support level may surface at 7000 SAT and then locate further key support at 6000 SAT and 5000 SAT levels if the sell-off later becomes huge.
However, on the upside, if the bulls can push the price above the 9-day and 21-day moving averages, the Chainlink price could face the 8500 SAT resistance. Any further resistance lies at 8900 SAT and above while the signal line of the Relative Strength Index (14) moves tremendously below 50-level and this may bring more bearish pressure into the market.