ChainLink price analysis: LINK maintains bearish momentum at $6.5

ChainLink price analysis on March 9, 2023, reveals the market is currently experiencing a significant downward trend with decreasing momentum, indicating a negative outlook for the LINK market. The price of ChainLink has been consistently bearish for several hours, with a drop from $6.9 to $6.6 on March 8, 2023. Unfortunately, the market continued to decline and lost more value, bringing the price down to $6.6 and hovering just above the $6.5 mark.

As of today, March 9, 2023, Chainlink’s current price is $6.52, with a trading volume of $618.45 million, a market capitalization of $3.37 billion, and a market dominance of 0.34%. The price has dropped by 1.66% in the past 24 hours.

Chainlink’s highest price of $52.89 was recorded on May 10, 2021, while its lowest price of $0.126297 was recorded on Sep 23, 2017. The lowest price since its all-time high was $5.36, and the highest price since the last cycle low was $9.45. Currently, the Chainlink price prediction sentiment is bearish, and the Fear & Greed Index is at 44, indicating fear.

Chainlink’s circulating supply is 517.10 million LINK out of a maximum supply of 1.00 billion LINK, with a yearly supply inflation rate of 10.73%, resulting in the creation of 50.09 million LINK in the last year. Chainlink is currently ranked #3 in the DeFi Coins sector and #6 in the Ethereum (ERC20) Tokens sector in terms of market capitalization.

LINK/USD 1-day price analysis: Latest developments

ChainLink price analysis indicates that the market is experiencing volatility after a decline, resulting in a state of dormant dynamics where the price is not inclined toward either extreme. The opening price is $6.55, with the high price remaining at $6.55. On the other hand, the low price is recorded at $6.51, and the close price is at $6.52, reflecting a change of -0.53%.

The price of LINK/USD is currently below the Moving Average, indicating a bearish trend dominating the market. The market is showing a downward movement, and the potential appears to be bearish, with the price reaching $6.5 as expected.

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LINK/USD 1-day price chart Source: CoinCodex

ChainLink price analysis reveals that the Relative Strength Index (RSI) is currently at 37, indicating an unstable cryptocurrency market. The RSI is below the lower neutral region, implying that the cryptocurrency is experiencing a downward trend. The market appears to be dominated by selling activities, leading to a decrease in the RSI score.

ChainLink price analysis for 7-days

ChainLink price analysis reveals the market is currently experiencing volatility after a decline in movement, resulting in the price becoming less likely to change significantly towards either extreme. The market opened at $6.59, reached a high of $6.68, and a low of $6.52, representing a decrease of 1.08%, with a closing price of $6.52.

The analysis indicates that the LINK/USD price is currently below the Moving Average, indicating a bearish trend. Furthermore, recent market trends have also demonstrated bearish tendencies. As a result, the market is currently experiencing a negative movement, which is likely to further reduce its value and reinforce the bearish control.

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LINK/USD 7-day price chart Source: CoinCodex

According to Chainlink price analysis, the Relative Strength Index (RSI) is at 44, indicating a stable cryptocurrency that is situated in the lower neutral region. However, the RSI path seems to be heading downward, suggesting that the market may experience a decrease in price due to dominant selling activities.

ChainLink Price Analysis Conclusion

The analysis shows that Chainlink’s price is currently declining and has significant room for activity on the negative extreme. Furthermore, the market appears to be following a downward trend and has the potential to continue moving downwards.