Chainlink (LINK) Price Down Today As Bears Take Control – Here’s Why

0 6

Chainlink has dropped slightly in the market today as bears seized control of its price. LINK’s current price depicts a loss of 87.7% from its all-time high of $52.88 on May 10, 2021.

The asset has been fluctuating between the $6 and $7 price levels since the beginning of May and is currently at the $6 price level. LINK is also recording a sideways trend on the daily chart, and its trading volume has also tanked by over 32%. 

The recent price action is primarily influenced by macroeconomic factors such as inflation, regulatory laws and investor sentiment.

LINK Price Analysis

LINK is in a sideways trend today, forming a red candle on the daily chart. It is trading below its 50-day and 200-Simple Moving Averages (SMA), a short and long-term bearish sentiment.

Also, its Relative Strength Index (RSI) is at 41.30 and dropping out of the neutral zone to the oversold region of 30, confirming the bearish trend.

LINK’s Moving Average Convergence/Divergence (MACD) is just above its signal line and shows convergence, a bearish signal. Also, the MACD indicator displays a negative value.

LINK is just above its nearest support level of $6.362, which has proved critical after the 6.177 price level provided initial support. However, its signals on the daily chart look bearish, hinting at a further price drop for the asset. However, if the bulls mount a rally, LINK will encounter resistance at the $6.753 and the $6.907 price levels.

Chainlink Plummets as Bears Take Control: Here's Why The Price Is Down Today

knife

LINK enjoyed a positive price movement in 2023. However, the bears are currently controlling the market. It will likely drop into an oversold region before the bulls rally again.

Recent Trends On LINK’s Network Likely To Affect Its Price

Chainlink NFTFi

NFTFi is a new concept combining NFTs and decentralized finance (DeFi) solutions. It aims at adding value and liquidity to the growing NFT market.

Chainlink adopted this technological upgrade enabling lending and borrowing. NFT holders now lock digital assets as collateral to acquire liquidity for another digital asset.

Such individuals become qualified to borrow digital assets by paying interest to lenders. This innovation shows why Chainlink has performed well in 2023 and is set for a further price boost if more investors adopt its tokens and upgrades. 

Chainlink Upcoming Spring Hackathon 2023

The Chainlink Hackathon event will begin on April 28 and run until June 9, 2023. It is an initiative from the developers to interact and network with the growing Chainlink community. 

It features several categories, such as Artificial Intelligence (AI), NFT and gaming, and DAO, and a grand prize of $25,000. Hackathons create great networking opportunities and exchange of ideas among the crypto community. 

Also, it brings developers and coders together to interact and generate ideas, thereby boosting a network’s visibility, utility, and adoption.

-Featured image from Pixabay and chart from Tradingview.com

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 58,105.57
ethereum
Ethereum (ETH) $ 3,131.23
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 531.47
solana
Solana (SOL) $ 138.88
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,131.23
xrp
XRP (XRP) $ 0.461901
the-open-network
Toncoin (TON) $ 7.30
dogecoin
Dogecoin (DOGE) $ 0.107169
cardano
Cardano (ADA) $ 0.409168
tron
TRON (TRX) $ 0.136633
avalanche-2
Avalanche (AVAX) $ 25.54
shiba-inu
Shiba Inu (SHIB) $ 0.000016
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 58,045.55
polkadot
Polkadot (DOT) $ 6.00
chainlink
Chainlink (LINK) $ 12.68
bitcoin-cash
Bitcoin Cash (BCH) $ 353.67
uniswap
Uniswap (UNI) $ 8.10
near
NEAR Protocol (NEAR) $ 5.00
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.67
litecoin
Litecoin (LTC) $ 68.81
matic-network
Polygon (MATIC) $ 0.504671
wrapped-eeth
Wrapped eETH (WEETH) $ 3,264.28
kaspa
Kaspa (KAS) $ 0.167379
pepe
Pepe (PEPE) $ 0.000009
ethena-usde
Ethena USDe (USDE) $ 1.00
internet-computer
Internet Computer (ICP) $ 7.28
ethereum-classic
Ethereum Classic (ETC) $ 21.34
monero
Monero (XMR) $ 159.08
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.16
aptos
Aptos (APT) $ 6.08
stellar
Stellar (XLM) $ 0.090958
blockstack
Stacks (STX) $ 1.69
hedera-hashgraph
Hedera (HBAR) $ 0.067305
render-token
Render (RNDR) $ 6.14
cosmos
Cosmos Hub (ATOM) $ 6.03
crypto-com-chain
Cronos (CRO) $ 0.087464
mantle
Mantle (MNT) $ 0.699135
filecoin
Filecoin (FIL) $ 4.01
arbitrum
Arbitrum (ARB) $ 0.702428
okb
OKB (OKB) $ 37.64
maker
Maker (MKR) $ 2,394.05
vechain
VeChain (VET) $ 0.026743
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,164.65
immutable-x
Immutable (IMX) $ 1.26
injective-protocol
Injective (INJ) $ 19.86
optimism
Optimism (OP) $ 1.71
first-digital-usd
First Digital USD (FDUSD) $ 1.00
sui
Sui (SUI) $ 0.739772
the-graph
The Graph (GRT) $ 0.184753
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,496.37
bittensor
Bittensor (TAO) $ 243.42
bonk
Bonk (BONK) $ 0.000023
dogwifcoin
dogwifhat (WIF) $ 1.58
notcoin
Notcoin (NOT) $ 0.015347
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,248.97
lido-dao
Lido DAO (LDO) $ 1.64
bitget-token
Bitget Token (BGB) $ 1.03
arweave
Arweave (AR) $ 22.08
aave
Aave (AAVE) $ 96.62
ondo-finance
Ondo (ONDO) $ 0.980489
theta-token
Theta Network (THETA) $ 1.39
floki
FLOKI (FLOKI) $ 0.000143
whitebit
WhiteBIT Coin (WBT) $ 9.55
fantom
Fantom (FTM) $ 0.472016
celestia
Celestia (TIA) $ 6.42
thorchain
THORChain (RUNE) $ 3.58
jasmycoin
JasmyCoin (JASMY) $ 0.024141
algorand
Algorand (ALGO) $ 0.137338
based-brett
Brett (BRETT) $ 0.113834
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,111.99
pyth-network
Pyth Network (PYTH) $ 0.290845
quant-network
Quant (QNT) $ 71.79
jupiter-exchange-solana
Jupiter (JUP) $ 0.758834
coredaoorg
Core (CORE) $ 1.09
elrond-erd-2
MultiversX (EGLD) $ 35.43
sei-network
Sei (SEI) $ 0.314747
gatechain-token
Gate (GT) $ 6.96
kucoin-shares
KuCoin (KCS) $ 9.13
flare-networks
Flare (FLR) $ 0.0192
mantra-dao
MANTRA (OM) $ 1.03
ethereum-name-service
Ethereum Name Service (ENS) $ 26.08
flow
Flow (FLOW) $ 0.547709
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,164.83
dydx-chain
dYdX (DYDX) $ 1.30
tokenize-xchange
Tokenize Xchange (TKX) $ 9.90
axie-infinity
Axie Infinity (AXS) $ 5.37
akash-network
Akash Network (AKT) $ 3.25
eos
EOS (EOS) $ 0.522447
gala
GALA (GALA) $ 0.021502
bittorrent
BitTorrent (BTT) $ 0.00000079531309
bitcoin-sv
Bitcoin SV (BSV) $ 38.95
tezos
Tezos (XTZ) $ 0.762395
fasttoken
Fasttoken (FTN) $ 2.34
msol
Marinade Staked SOL (MSOL) $ 166.71
beam-2
Beam (BEAM) $ 0.014672
usdd
USDD (USDD) $ 0.999109
starknet
Starknet (STRK) $ 0.561467