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) $ 40,831.94
ethereum
Ethereum (ETH) $ 2,194.83
tether
Tether (USDT) $ 0.999892
bnb
BNB (BNB) $ 240.79
xrp
XRP (XRP) $ 0.614291
solana
Solana (SOL) $ 68.77
usd-coin
USDC (USDC) $ 0.988904
staked-ether
Lido Staked Ether (STETH) $ 2,195.04
cardano
Cardano (ADA) $ 0.538468
dogecoin
Dogecoin (DOGE) $ 0.094006
avalanche-2
Avalanche (AVAX) $ 36.16
tron
TRON (TRX) $ 0.103117
polkadot
Polkadot (DOT) $ 6.55
chainlink
Chainlink (LINK) $ 14.60
matic-network
Polygon (MATIC) $ 0.827854
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 40,834.94
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.999898
litecoin
Litecoin (LTC) $ 71.92
uniswap
Uniswap (UNI) $ 5.98
bitcoin-cash
Bitcoin Cash (BCH) $ 227.89
leo-token
LEO Token (LEO) $ 3.89
okb
OKB (OKB) $ 57.54
stellar
Stellar (XLM) $ 0.122388
monero
Monero (XMR) $ 169.02
ethereum-classic
Ethereum Classic (ETC) $ 19.85
cosmos
Cosmos Hub (ATOM) $ 9.63
true-usd
TrueUSD (TUSD) $ 0.998017
kaspa
Kaspa (KAS) $ 0.11726
crypto-com-chain
Cronos (CRO) $ 0.096864
immutable-x
Immutable (IMX) $ 1.95
hedera-hashgraph
Hedera (HBAR) $ 0.069443
internet-computer
Internet Computer (ICP) $ 5.14
near
NEAR Protocol (NEAR) $ 2.21
filecoin
Filecoin (FIL) $ 4.57
aptos
Aptos (APT) $ 7.68
optimism
Optimism (OP) $ 2.27
lido-dao
Lido DAO (LDO) $ 2.26
injective-protocol
Injective (INJ) $ 23.84
vechain
VeChain (VET) $ 0.026593
bittensor
Bittensor (TAO) $ 309.08
mantle
Mantle (MNT) $ 0.575003
thorchain
THORChain (RUNE) $ 5.76
elrond-erd-2
MultiversX (EGLD) $ 60.54
quant-network
Quant (QNT) $ 109.55
algorand
Algorand (ALGO) $ 0.18946
celestia
Celestia (TIA) $ 10.39
binance-usd
BUSD (BUSD) $ 1.01
havven
Synthetix Network (SNX) $ 4.48
the-graph
The Graph (GRT) $ 0.155702
render-token
Render (RNDR) $ 3.82
arbitrum
Arbitrum (ARB) $ 1.08
aave
Aave (AAVE) $ 90.28
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,403.27
bittorrent
BitTorrent (BTT) $ 0.000001
blockstack
Stacks (STX) $ 0.903066
maker
Maker (MKR) $ 1,383.03
wemix-token
WEMIX (WEMIX) $ 3.45
flow
Flow (FLOW) $ 0.754855
kucoin-shares
KuCoin (KCS) $ 11.21
first-digital-usd
First Digital USD (FDUSD) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.499182
theta-token
Theta Network (THETA) $ 1.04
terra-luna
Terra Luna Classic (LUNC) $ 0.000176
fantom
Fantom (FTM) $ 0.35606
ordinals
ORDI (ORDI) $ 45.48
bitcoin-sv
Bitcoin SV (BSV) $ 48.10
axie-infinity
Axie Infinity (AXS) $ 7.03
gala
GALA (GALA) $ 0.029876
decentraland
Decentraland (MANA) $ 0.480166
eos
EOS (EOS) $ 0.756963
neo
NEO (NEO) $ 11.65
whitebit
WhiteBIT Coin (WBT) $ 5.65
iota
IOTA (IOTA) $ 0.268793
beam-2
Beam (BEAM) $ 0.017467
mina-protocol
Mina Protocol (MINA) $ 0.801431
klay-token
Klaytn (KLAY) $ 0.236071
kava
Kava (KAVA) $ 0.757905
tezos
Tezos (XTZ) $ 0.859334
usdd
USDD (USDD) $ 0.989602
bonk
Bonk (BONK) $ 0.000011
bitget-token
Bitget Token (BGB) $ 0.486637
cheelee
Cheelee (CHEEL) $ 12.51
xdce-crowd-sale
XDC Network (XDC) $ 0.048272
ecash
eCash (XEC) $ 0.000034
frax-ether
Frax Ether (FRXETH) $ 2,182.60
frax
Frax (FRAX) $ 1.00
frax-share
Frax Share (FXS) $ 8.56
tokenize-xchange
Tokenize Xchange (TKX) $ 8.05
sui
Sui (SUI) $ 0.619052
helium
Helium (HNT) $ 4.39
chiliz
Chiliz (CHZ) $ 0.082243
pancakeswap-token
PancakeSwap (CAKE) $ 2.40
gatechain-token
Gate (GT) $ 4.56
conflux-token
Conflux (CFX) $ 0.172024
pyth-network
Pyth Network (PYTH) $ 0.406352
curve-dao-token
Curve DAO (CRV) $ 0.649639
apecoin
ApeCoin (APE) $ 1.61
illuvium
Illuvium (ILV) $ 96.90
pepe
Pepe (PEPE) $ 0.000001