ChainLink price analysis for February 25, 2023, reveals the market following a bearish movement, showing dormant momentum, signifying stability for the LINK market. The price of ChainLink has remained bearish over the past few hours. On February 24, 2023, the price reached $7.32 from $8.1. However, the market increased in value soon after and gained some value. Moreover, ChainLink has increased and reached $7.35, just moving onto the $7.5 mark.
Chainlink’s price today is $7.35, with a 24-hour trading volume of $1.03B, a market cap of $3.74B, and a market dominance of 0.35%. The LINK price decreased by 7.95% in the last 24 hours.
Chainlink reached its highest price on May 10, 2021, when it was trading at its all-time high of $52.89, while Chainlink’s lowest price was recorded on Sep 23, 2017, when it was trading at its all-time low of $0.126297. The lowest price since its ATH was $5.36 (cycle low). The highest LINK price since the last cycle low was $9.45 (cycle high). The Chainlink price prediction sentiment is currently bearish, while the Fear & Greed Index is showing 52 (Neutral).
Chainlink’s current circulating supply is 508.00M LINK out of the max supply of 1.00B LINK. The current yearly supply inflation rate is 8.78% meaning 40.99M LINK were created in the last year. In terms of market cap, Chainlink is currently ranked #4 in the DeFi Coins sector and ranked #7 in the Ethereum (ERC20) Tokens sector.
LINK/USD 1-day price analysis: Latest developments
ChainLink price analysis reveals the market’s volatility following a declining movement. This means that the price of ChainLink is becoming neither less prone to the movement towards either extreme, showing dormant dynamics. The opening price is $7.38, while the high price appears to be $7.38. Conversely, the low price is present at $7.35, with a close price remaining at $7.35. ChainLink market is undergoing a change of -0.45%.
The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to be dominated by bears. Moreover, the LINK/USD price appears to be moving downward, illustrating a decreasing market. The market appears to be showing bearish potential; bears are expected to bring the price down to $7 by the end of this week.
ChainLink price analysis reveals that the Relative Strength Index (RSI) is 50 showing a stable cryptocurrency market. This means that cryptocurrency is in the central neutral region. Furthermore, the RSI appears to move downward, indicating a decreasing movement. The dominance of selling activities causes the RSI score to decrease.
ChainLink price analysis for 7-days
ChainLink price analysis reveals the market’s volatility following a decreasing movement, which means that the price of ChainLink is becoming less prone to experience variable change on either extreme. The Opening price appears to be $7.39, while the high price is present at $7.41. Conversely, the low price is present at $7.32, with a change of -0.62% and a close price of $7.35.
The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. However, the market’s trend seems to have shown bearish tendencies in the last few hours. Moreover, the market has decided on a negative movement, which will decrease its value and strengthen the bearish control of the market.
Chainlink price analysis shows the Relative Strength Index (RSI) to be 49, signifying a stable cryptocurrency. This means that the LINK cryptocurrency falls in the central neutral region. Furthermore, the RSI path seems to have shifted downward. The decline in the RSI score also means dominant selling activities.
ChainLink Price Analysis Conclusion
Chainlink price analysis reveals that the cryptocurrency follows a declining trend with much room for activity on the negative extreme. Moreover, the market’s current condition appears to be following a declining approach, as it shows the potential to move further downwards.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-02-25/