Chainlink price analysis: LINK/USD set to break below $7.50

Chainlink price analysis is bearish in the short-term and bullish in the long-term. Chainlink prices have been on a steady decline over the past few days and are currently trading at $8.90.

Timeline of Chainlink

The Chainlink price analysis indicates the LINK/USD pair extended its correction from the intraday high of $10.52 and traded to a low of $8.90 during the early hours of the day. Chainlink price analysis reveals a decline of 2.45 percent in prices from the previous price as bears look to break lower.

The founder of the Azuki non-fungible token (NFT) project, Zagabond, has revealed that he was behind three unsuccessful NFT projects before creating Azuki.  In a blog post titled “A Builders Journey,” he pointed out that the lessons he learned from the three projects helped him build Azuki into what it is today.

The Chainlink price analysis reveals the price has been trading low for the past few days as the bears have been putting efforts to remain at the lead. A downtrend has been observed today as well, as the price has been decreased to the $9.7 level as the bears have maintained their strength.

According to a tweet by Santiment, the Chainlink token dipped below the $10 mark for the first time in the last 18 months. At press time, the token stood at rank 28 at a price of $10.16.

The price of Chainlink (LINK) is in a downtrend as the cryptocurrency hovers above April 30 support. On April 30, Chainlink fell to the low of $10.66 and continued its sideways movement above the current support. The upward movement was staved off at the $12.28 resistance level.

Chainlink price analysis shows a strong bearish market sentiment as prices lose value to touch $10.06. There is a lot of selling pressure in the market as LINK prices are down by 4.97 percent in the last 24 hours.

The current cryptocurrency market is saturated with the constant introduction of new coins. The total amount of cryptocurrencies is more than 18000, and it will increase substantially in the coming future.

As Bitcoin [BTC] and Ether [ETH] fell by more than 8% and 6% respectively, in a day, investors' emotions have understandably been in a state of flux. While most of the top 100 alts took severe hits on their prices as well, some felt the selling pressure more than others.

The Chainlink price analysis shows a bearish trend as the market is losing steam. The LINK/USD market has been on a downtrend for the last24 hours and is currently trading at $10.82.

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