ChainLink price analysis for April 20, 2023, indicates a decline in the market, with negative momentum. During the last few hours on April 19, 2023, the value of LINK has consistently shown a bearish trend, with a drop in price from $8.7 to $7.7. Furthermore, the overall market has also demonstrated a downward trajectory, leading to a further decline in the price of ChainLink, which ultimately settled at a value of $7.5. This value is only slightly higher than the critical threshold of $7.
As of April 20th, 2023, the price of Chainlink stands at $7.54 with a trading volume of $1.02 billion and a market capitalization of $3.90 billion, commanding a market dominance of 0.33%. In the past 24 hours, the LINK price has decreased by 5.57%. Currently, the Chainlink price prediction sentiment is bearish, and the Fear & Greed Index is neutral, showing a value of 52.
As for its circulating supply, Chainlink has 517.10 million LINK tokens out of a maximum supply of 1.00 billion LINK tokens. The current yearly inflation rate for LINK is 10.73%, which means that 50.09 million LINK tokens were generated in the last year. In terms of market capitalization, Chainlink is currently ranked #3 in the DeFi Coins sector and #7 in the Ethereum (ERC20) Tokens sector.
LINK/USD 1-day price analysis: Latest developments
ChainLink price analysis shows a volatile market, with a downward trend. Recent market trends indicate that ChainLink’s price has been exhibiting relative stability with minimal fluctuations. The opening price of ChainLink was observed at $7.59, and the highest price was $7.61. Despite slight variations, the price remained relatively stable, with the lowest recorded value at $7.50 and a closing value of $7.55. At present, the ChainLink market is undergoing a -0.53% decrease.
Currently, the LINK/USD price is positioned below the Moving Average, indicating a bearish market trend. The predominance of bearish investors has led to a downward trajectory of the LINK/USD price, signaling a bearish market trend. The market sentiment is predominantly negative, with a significant potential for further decrease.
ChainLink price analysis reveals that the Relative Strength Index (RSI) currently sits at 50, indicating a stable cryptocurrency market. However, the present trend for ChainLink is showing a period of depreciation, with a decreasing value. This trend is primarily attributed to the prevalence of selling activities, leading to a decline in the RSI score and intensifying the downward momentum of the market.
ChainLink price analysis for 7-days
ChainLink price analysis indicates that the market is presently undergoing a phase of volatility following a period of decline. Based on the observation mentioned above, it can be inferred that the price of ChainLink currently exhibits reduced susceptibility to significant fluctuations in either a positive or negative direction. Specifically, the opening price for the observed period was $7.75, with a maximum price of $7.96, indicating minimal deviation. Conversely, the minimum price during the period was $7.50, representing a slight shift of -2.44%. Ultimately, the closing price for the observed period was recorded at $7.56.
The current market analysis suggests that the LINK/USD price is displaying a bullish trend as it is trending above the Moving Average price. However, recent market movements in the past few hours have shown a bearish inclination, supporting this observation. Furthermore, the devaluation of ChainLink’s value can be attributed to a negative market movement that has increased the bearish control over the market.
Currently, the Relative Strength Index (RSI) of Chainlink stands at 50, indicating a relatively stable market in the neutral region. However, a declining trend in the RSI score points towards a bearish market, primarily driven by the dominance of selling activities in the market.
ChainLink Price Analysis Conclusion
ChainLink price analysis reveals the present market trend is bearish, indicating a high likelihood of negative market activity. The current market conditions are showing a downward trajectory, suggesting a possible further devaluation of the cryptocurrency’s value in the future. In a bearish market, the selling pressure on an asset usually outweighs the buying pressure, resulting in a decline in the asset’s value. This trend is apparent in the recent behavior of ChainLink’s market. If this bearish trend persists, there is a possibility that the value of ChainLink may continue to decrease further.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-04-20/