ChainLink price analysis for April 21, 2023, indicates a decline in the market, with negative momentum. On April 20, 2023, there was a consistent bearish trend in the value of LINK, which dropped from $7.8 to $7.5 over a few hours. The overall market also showed a downward trajectory, causing a further decrease in the price of ChainLink, which eventually settled at $7.3. This value is only slightly above the critical threshold of $7.
As of now, the price of Chainlink is $7.31, with a 24-hour trading volume of $798.99M, a market cap of $3.78B, and a market dominance of 0.32%. In the past 24 hours, the LINK price has decreased by 2.98%. Currently, the sentiment for Chainlink price prediction is bearish, while the Fear & Greed Index is neutral at 50.
Chainlink’s circulating supply is 517.10M LINK out of the maximum supply of 1.00B LINK. The yearly supply inflation rate is 10.73%, resulting in the creation of 50.09M LINK in the last year. Chainlink is currently ranked #3 in the DeFi Coins sector and ranked #7 in the Ethereum (ERC20) Tokens sector in terms of market cap.
LINK/USD 1-day price analysis: Latest developments
Based on the ChainLink price analysis, the market has been volatile with a recent downward trend. However, in the past few days, the price of ChainLink has been relatively stable with minimal fluctuations. The opening price was $7.29, and the highest price was $7.31, indicating only slight variations. The lowest recorded value was $7.28, and the closing value was $7.31, reflecting a stable price. As of now, the ChainLink market is experiencing a 0.25% increase.
The current market trend for LINK/USD shows a bearish sentiment, with the price positioned below the Moving Average. The predominance of bearish investors has resulted in a downward trajectory of the LINK/USD price, indicating a bearish market trend. The market sentiment is largely negative, with a significant potential for a further price decrease.
According to ChainLink price analysis, the Relative Strength Index (RSI) currently stands at 46, suggesting a stable cryptocurrency market. However, the present trend for ChainLink is indicating a period of depreciation, with the price showing a downward trend. This trend is mainly due 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 above observations, it can be concluded that the price of ChainLink currently shows a reduced susceptibility to significant fluctuations in either a positive or negative direction. Specifically, the opening price for the observed period was $7.42, with a maximum price of $7.46, indicating minimal deviation. In contrast, the minimum price during the period was $7.27, representing a slight shift of -1.3%. Finally, the closing price for the observed period was recorded at $7.32, suggesting a stable price trend.
According to current market analysis, the LINK/USD price is indicating 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. Additionally, the devaluation of ChainLink’s value can be attributed to a negative market movement that has increased the bearish control over the market.
As of now, the Relative Strength Index (RSI) of Chainlink is recorded at 49, which indicates that the market is relatively stable and positioned within the neutral region. However, a declining trend in the RSI score is an indication of a bearish market trend. This can be attributed to the increased selling activities that are currently prevalent in the market.
ChainLink Price Analysis Conclusion
ChainLink price analysis reveals the present trend of the market is bearish, which implies a greater possibility of negative market activity. The market is currently exhibiting a downward trajectory, which hints at a potential decline in the value of cryptocurrency in the future. In a bearish market, selling pressure typically outweighs buying pressure, leading to a decrease in the asset’s value. This situation is evident in the current state of the ChainLink market. If the bearish trend continues, it is likely that the value of ChainLink may further decrease.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-04-21/