ChainLink price analysis for April 3, 2023, reveals the market following a massive downward movement, showing decreasing momentum, signifying negativity for the LINK market. Over the last few hours, the value of ChainLink has been in a downward trend. On April 2, 2023, the price dropped from $7.5 to $7.1. However, the market subsequently rebounded, and most of the lost value was regained. Currently, ChainLink has risen and is trading just above $7.
As of today, April 3, 2023, Chainlink is priced at $7.23 with a 24-hour trading volume of $597.67 million and a market capitalization of $3.74 billion, commanding a market dominance of 0.32%. In the last 24 hours, the LINK price has decreased by 0.72%. Chainlink achieved its all-time high price of $52.89 on May 10, 2021, and its all-time low price of $0.126297 on September 23, 2017. The lowest price since its all-time high was $5.36, and the highest LINK price since the last cycle low was $9.45.
The sentiment for Chainlink’s price prediction is currently bearish, while the Fear & Greed Index shows a value of 63, indicating greed. Currently, the circulating supply of Chainlink is 517.10 million LINK out of a maximum supply of 1.00 billion LINK. The yearly supply inflation rate is 10.73%, leading to the creation of 50.09 million LINK in the last year. Chainlink is presently ranked #3 in the DeFi Coins sector and #6 in the Ethereum (ERC20) Tokens sector in terms of market capitalization.
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 $7.25, while the high price appears to be $7.27. Conversely, the low price is present at $7.23, with a close price remaining at $7.23. ChainLink market is undergoing a change of -0.25%.
The current trend for LINK/USD suggests a bearish movement, as the price is trading below the Moving Average price. This indicates a market that is being driven by bears. Furthermore, the LINK/USD price is showing a downward trajectory, indicating a declining market. There are indications of bearish potential in the market. It is anticipated that the price may drop to $6.5 by the end of the upcoming week.
ChainLink price analysis reveals that the Relative Strength Index (RSI) is 51 showing a stable cryptocurrency market. This suggests that the cryptocurrency is currently in a neutral phase. Additionally, the RSI (Relative Strength Index) is displaying a linear movement, indicating a stable market. The balance of buying and selling activity is causing the RSI score to remain flat.
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 $7.29, while the high price is present at $7.35. Conversely, the low price is present at $7.22, with a change of -0.92% and a close price of $7.22.
The current trend for LINK/USD suggests a bullish movement as the price is trading above the Moving Average price. However, over the past few hours, the market trend has displayed bearish tendencies. Furthermore, the market has taken a negative turn, which may result in a decrease in value and strengthen the bearish control over 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 to a linear movement. The decline in the RSI score also means equivalent selling and buying activities.
ChainLink Price Analysis Conclusion
A Chainlink price analysis indicates that the cryptocurrency is experiencing a downward trend and possesses significant room for negative activity. The market’s current condition is reflective of a declining approach, as it indicates potential for further downward movement. This declining trend in Chainlink’s price can be attributed to various factors, including increased selling pressure, negative market sentiment, or a lack of bullish catalysts.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-04-03/