ChainLink price analysis for March 24, 2023, indicates a significant decline in the market, with negative momentum. The price of LINK has been consistently bearish in the past few hours, dropping from $7.8 to $7 on March 23, 2023. However, the market started to increase and the price of ChainLink gained most of its lost value to reach $7.3, just barely reaching the $7.5 threshold.
Chainlink’s current market price stands at $7.34, and its 24-hour trading volume is $791.39M. The cryptocurrency’s market capitalization is $3.79B, and its market dominance is 0.33%. Over the last 24 hours, the LINK price has declined by 3.23%. At present, the Chainlink price prediction sentiment is neutral, while the Fear & Greed Index indicates a level of 61 (Greed).
Chainlink’s circulating supply stands at 517.10M LINK out of its maximum supply of 1.00B LINK. The cryptocurrency’s yearly supply inflation rate is 10.73%, which translates to the creation of 50.09M LINK over the past year. Chainlink is currently ranked #4 in the DeFi Coins sector and #7 in the Ethereum (ERC20) Tokens sector in terms of market capitalization.
LINK/USD 1-day price analysis: Latest developments
ChainLink price analysis shows a volatile market, with an upward trend. This implies that the price of ChainLink is showing susceptible dynamics toward change. The opening price of ChainLink is recorded at $7.23, with the highest price also being $7.34. However, the lowest price recorded is $7.30, and the close price remains at $7.34. Currently, the ChainLink market is experiencing a decline of 0.29%.
The price of LINK/USD is currently above the Moving Average, indicating a bullish trend in the market. The market seems to be dominated by buyer; however, the price of LINK/USD is declining, indicating a downward trend. The market is displaying a bearish outlook with significant potential for further decline. The price has fallen below our expectations and has reached $7 by the end of this week, indicating that the market is highly vulnerable at the moment.
ChainLink price analysis reveals that the Relative Strength Index (RSI) is 54 showing a stable cryptocurrency market. ChainLink is currently experiencing a phase of devaluation where its value is decreasing. This is supported by the downward trend of the Relative Strength Index (RSI), which is an important technical indicator that measures the strength of buying and selling activities in the market. The RSI score is decreasing due to the dominance of selling activities, which is further contributing to the downward movement in the market.
ChainLink price analysis for 7-days
Upon conducting a ChainLink price analysis, it can be observed that the market is currently experiencing volatility after a period of decline. This indicates that the price of ChainLink is becoming less susceptible to extreme changes in either direction. The opening price is recorded at $7.29, with the highest price being $7.40. On the other hand, the lowest price is present at $7.28, depicting a change of 0.33%, while the close price is recorded at $7.33.
Based on the current market analysis, the LINK/USD price is moving pver the Moving Average price, indicating a bullish trend in the market. The trend in the market has shown bearish tendencies over the past few hours, further supporting this observation. Additionally, there has been a negative movement in the market, resulting in a decrease in the value of ChainLink and strengthening the bearish control in the market.
Chainlink price analysis shows the Relative Strength Index (RSI) to be 49, signifying a stable cryptocurrency. The current analysis suggests that the LINK cryptocurrency is currently positioned in the central neutral region of the market. Additionally, the Relative Strength Index (RSI) trend indicates a shift toward a downward movement, which is often indicative of a bearish market. The decrease in the RSI score is further evidence of dominant selling activities within the market.
ChainLink Price Analysis Conclusion
Based on the Chainlink price analysis, it is evident that the cryptocurrency is currently following a declining trend, indicating that there is much potential for activity on the negative extreme. Furthermore, the current condition of the market seems to be indicating a declining approach, suggesting that there is a possibility for further downward movement in the future.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-03-24/