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

0 0

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) $ 27,077.25
ethereum
Ethereum (ETH) $ 1,889.92
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 306.64
usd-coin
USD Coin (USDC) $ 0.999677
xrp
XRP (XRP) $ 0.516825
staked-ether
Lido Staked Ether (STETH) $ 1,889.16
cardano
Cardano (ADA) $ 0.375875
dogecoin
Dogecoin (DOGE) $ 0.072032
solana
Solana (SOL) $ 21.12
matic-network
Polygon (MATIC) $ 0.901369
tron
TRON (TRX) $ 0.076577
litecoin
Litecoin (LTC) $ 94.27
polkadot
Polkadot (DOT) $ 5.25
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.44
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,110.26
uniswap
Uniswap (UNI) $ 5.06
leo-token
LEO Token (LEO) $ 3.59
chainlink
Chainlink (LINK) $ 6.38
cosmos
Cosmos Hub (ATOM) $ 10.57
okb
OKB (OKB) $ 46.17
monero
Monero (XMR) $ 146.72
ethereum-classic
Ethereum Classic (ETC) $ 18.09
the-open-network
Toncoin (TON) $ 1.73
stellar
Stellar (XLM) $ 0.092183
bitcoin-cash
Bitcoin Cash (BCH) $ 114.31
filecoin
Filecoin (FIL) $ 4.92
internet-computer
Internet Computer (ICP) $ 4.79
true-usd
TrueUSD (TUSD) $ 0.999594
lido-dao
Lido DAO (LDO) $ 2.29
aptos
Aptos (APT) $ 9.10
quant-network
Quant (QNT) $ 118.75
hedera-hashgraph
Hedera (HBAR) $ 0.050741
arbitrum
Arbitrum (ARB) $ 1.24
crypto-com-chain
Cronos (CRO) $ 0.059433
near
NEAR Protocol (NEAR) $ 1.60
vechain
VeChain (VET) $ 0.019967
the-graph
The Graph (GRT) $ 0.132561
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.151151
the-sandbox
The Sandbox (SAND) $ 0.561437
paxos-standard
Pax Dollar (USDP) $ 1.00
eos
EOS (EOS) $ 0.907483
edgecoin-2
Edgecoin (EDGT) $ 1.00
frax
Frax (FRAX) $ 0.998327
elrond-erd-2
MultiversX (EGLD) $ 37.61
rocket-pool
Rocket Pool (RPL) $ 49.35
render-token
Render (RNDR) $ 2.60
aave
Aave (AAVE) $ 63.99
optimism
Optimism (OP) $ 1.43
fantom
Fantom (FTM) $ 0.319723
decentraland
Decentraland (MANA) $ 0.483132
theta-token
Theta Network (THETA) $ 0.85674
blockstack
Stacks (STX) $ 0.613375
tezos
Tezos (XTZ) $ 0.898482
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,030.09
axie-infinity
Axie Infinity (AXS) $ 7.05
immutable-x
ImmutableX (IMX) $ 0.767428
flow
Flow (FLOW) $ 0.725952
havven
Synthetix Network (SNX) $ 2.38
usdd
USDD (USDD) $ 1.00
neo
NEO (NEO) $ 10.40
bitdao
BitDAO (BIT) $ 0.50141
gala
GALA (GALA) $ 0.030147
kucoin-shares
KuCoin (KCS) $ 7.40
whitebit
WhiteBIT Token (WBT) $ 4.91
radix
Radix (XRD) $ 0.068645
curve-dao-token
Curve DAO (CRV) $ 0.84218
bitget-token
Bitget Token (BGB) $ 0.473125
injective-protocol
Injective (INJ) $ 7.98
bitcoin-sv
Bitcoin SV (BSV) $ 32.59
gatechain-token
Gate (GT) $ 4.36
conflux-token
Conflux (CFX) $ 0.286666
maker
Maker (MKR) $ 665.09
klay-token
Klaytn (KLAY) $ 0.185363
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.00000058525681
iota
IOTA (MIOTA) $ 0.199057
kava
Kava (KAVA) $ 1.01
chiliz
Chiliz (CHZ) $ 0.102171
pepe
Pepe (PEPE) $ 0.000001
casper-network
Casper Network (CSPR) $ 0.047132
pax-gold
PAX Gold (PAXG) $ 1,976.72
tokenize-xchange
Tokenize Xchange (TKX) $ 6.36
sui
Sui (SUI) $ 0.948867
xdce-crowd-sale
XDC Network (XDC) $ 0.036216
terra-luna
Terra Luna Classic (LUNC) $ 0.000085
compound-ether
cETH (CETH) $ 38.04
mina-protocol
Mina Protocol (MINA) $ 0.539731
gmx
GMX (GMX) $ 55.57
tether-gold
Tether Gold (XAUT) $ 1,970.50
huobi-token
Huobi (HT) $ 2.98
ecash
eCash (XEC) $ 0.000025
frax-share
Frax Share (FXS) $ 6.65
dash
Dash (DASH) $ 42.36
trust-wallet-token
Trust Wallet (TWT) $ 1.07
frax-ether
Frax Ether (FRXETH) $ 1,889.84