LINK obtains massive bullish momentum at $8.7 – Cryptopolitan

ChainLink price analysis on April 18, 2023, indicates a favorable trend characterized by an upward trajectory with intensifying momentum. The market sentiment for ChainLink on April 17, 2023, was bullish, which led to a price surge from $7.9 to $8.2. Subsequently, the cryptocurrency continued to appreciate, attaining an intraday peak of $8.7 on the same day. As of the present moment, ChainLink is trading at $8.7.

As of April 18th, 2023, the price of Chainlink stands at $8.71, with a trading volume of $1.30B and a market capitalization of $4.51B, representing a 7.72% increase in the past 24 hours. The market dominance of Chainlink is estimated to be 0.35%.

Currently, the Chainlink price prediction sentiment is bullish, and the Fear & Greed Index is indicating 58 (Greed). The circulating supply of Chainlink stands at 517.10M LINK out of a maximum supply of 1.00B LINK. The current yearly supply inflation rate is 10.73%, which implies that 50.09M LINK tokens were created in the previous year. In terms of market capitalization, Chainlink is ranked #3 in the DeFi Coins sector and #7 in the Ethereum (ERC20) Tokens sector.

LINK/USD 1-day price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following an increasing movement. The current state of ChainLink’s price indicates an increase in its susceptibility to volatility, as it demonstrates a more volatile market behavior. The opening price for the current period stands at $8.67, with the highest price noted at $8.73. In contrast, the lowest price is observed at $8.67, and the closing price is recorded at $8.72. Consequently, the ChainLink market reflects a marginal shift of 0.56%.

The present LINK/USD price is indicative of a bullish trend, as it is trending above the Moving Average, which reflects a positive market outlook. Despite the prevalence of bearish trends, the recent increase in bullish activity could signify a shift in market momentum. Furthermore, the upward trend in the LINK/USD price denotes market expansion, which could strengthen the likelihood of a bullish market. As the price approaches the moving average band, it may indicate a possible reversal in the future. Nonetheless, market trends are subject to change and necessitate close monitoring to make well-informed decisions.

ChainLink price analysis reveals that the Relative Strength Index (RSI) presently stands at 73, indicating an overbought cryptocurrency market. The cryptocurrency is currently in an unstable zone, with the RSI trending upward, signifying a growing market. The RSI’s upward trend is likely due to increased buying activity in the market. However, this trend is unlikely to persist since the currency cannot remain in the overbought region for an extended period.

ChainLink price analysis for 7-days

ChainLink price analysis reveals the market’s volatility following an increasing movement, which means that the price of ChainLink is becoming more prone to experience variable change on either extreme. The Opening price appears to be $8.43, while the high price is present at $8.71. Conversely, the low price is at $8.42, with a close price of $8.71, which is at a change of 3.37%.

The current market analysis of the LINK/USD price indicates a bullish trend as the price has exceeded the Moving Average price. This bullish trend reflects the preference of market participants toward a positive sentiment. The market’s positive sentiment has led to a shift in the trajectory of the price towards an upward trend, accompanied by an increase in volatility, which presents new trading opportunities. However, the market’s current resistance may lead to a retracement that could further improve the bullish regime.

According to the analysis, the current Relative Strength Index (RSI) of Chainlink shows a stable cryptocurrency with a score of 58. The cryptocurrency is situated in the central-neutral zone, and the RSI path indicates a potential upward trend, which implies a growing market. A substantial increase in the RSI score could also indicate increased buying activity in the market.

ChainLink Price Analysis Conclusion

According to the ChainLink price analysis, the cryptocurrency is currently exhibiting a bullish trend, indicating the likelihood of further positive movement. Additionally, the current state of the market is neutral, which implies the possibility of a shift towards either a bullish or bearish extreme. The market shows considerable potential for growth towards the upward trend, presenting a positive outlook for investors.