LINK goes slightly bearish at $7.1 – Cryptopolitan

ChainLink price analysis for April 7, 2023, indicates a decline in the market, with negative momentum. During the last few hours on April 6, 2023, the value of LINK has consistently shown a bearish trend, with a drop in price from $7.26 to $7.21. 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 $7.1. This value is only slightly higher than the critical threshold of $7.

As of now, the price of Chainlink is $7.15 with a trading volume of $455.11 million in the last 24 hours. Its market capitalization stands at $3.70 billion with a market dominance of 0.32%. Over the past 24 hours, the price of LINK has declined by 1.02%.

Chainlink attained its highest value on May 10, 2021, reaching an all-time high of $52.89. In contrast, its all-time low was recorded on September 23, 2017, when it was trading at $0.126297. Since its peak value, the lowest price for Chainlink has been $5.36, while the highest price reached since the last cycle low was $9.45.

Currently, the sentiment for Chainlink’s price prediction is bearish, and the Fear & Greed Index indicates a score of 64 (Greed). Out of a maximum supply of 1.00 billion LINK, there are currently 517.10 million LINK tokens in circulation. The yearly supply inflation rate is 10.73%, and 50.09 million LINK tokens were generated in the last year. In terms of market cap, Chainlink is presently ranked third in the DeFi Coins sector and sixth 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. The market behavior of ChainLink in recent times indicates that the price has been exhibiting a relatively stable trend with minimal fluctuations. The opening price of ChainLink was $7.15, and the highest price observed was $7.19. Although there were some slight variations, the price remained relatively stable, with the lowest recorded value at $7.14 and a closing value of $7.15. Currently, the ChainLink market is experiencing a 0.08% decrease.

The current LINK/USD price is positioned below the Moving Average, indicating a bearish market trend. The dominance of bearish investors has led to a downward trajectory in the LINK/USD price, further signaling a bearish trend. The market sentiment is predominantly negative, with a significant potential for further decline.

ChainLink price analysis indicates that the Relative Strength Index (RSI) currently stands at 49, indicating a stable cryptocurrency market. However, the present trend for ChainLink is a phase of depreciation, with a declining value. This trend is primarily attributed to the preponderance of selling activities, leading to a drop in the RSI score and consequently aggravating the downward movement 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. The aforementioned observation implies that the price of ChainLink is exhibiting a decreased susceptibility to significant fluctuations in either a positive or negative direction. Specifically, the initial price of ChainLink was documented at $7.13, whereas the maximum price recorded was $7.20, indicating a marginal deviation. In contrast, the minimum price noted during the period was $7.11, signifying a slight shift of 0.26%. Ultimately, the closing price for the period was recorded at $7.15.

Based on current market analysis, it appears that the LINK/USD price is presently trending below the Moving Average price, suggesting a bearish trend. Recent market movements over the past few hours have also demonstrated a bearish bias, further supporting this observation. Furthermore, a negative market movement has contributed to the depreciation of ChainLink’s value, strengthening the bearish control over the market even further.

Chainlink’s current Relative Strength Index (RSI) is at 48, indicating market stability in the neutral region. The observed trend in RSI points towards a bearish market due to a decrease in the RSI score, which is attributed to selling activities prevailing in the market.

ChainLink Price Analysis Conclusion

ChainLink price analysis reveals the current market trend is bearish, suggesting a high likelihood of negative market activity. Furthermore, the existing market conditions exhibit a downward trajectory, indicating the potential for further depreciation of the cryptocurrency’s value in the future.