ChainLink price analysis for April 19, 2023, indicates a decline in the market, with negative momentum. During the last few hours on April 18, 2023, the value of LINK has consistently shown a bearish trend, with a drop in price from $8.7 to $8.2. Furthermore, the overall market has also demonstrated a downward trajectory, leading to a further decline in the price of ChainLink, which ultimately settled at a value of $8. This value is only slightly higher than the critical threshold of $7.9.
As of April 19, 2023, Chainlink is priced at $8.07, with a 24-hour trading volume of $1.26B, a market capitalization of $4.17B, and a market dominance of 0.34%. The price of LINK has declined by 6.57% over the past 24 hours. Currently, the market sentiment for Chainlink price prediction is bearish, while the Fear & Greed Index shows a value of 63 (Greed).
As of now, Chainlink’s circulating supply is 517.10M LINK out of a maximum supply of 1.00B LINK. The current yearly supply inflation rate is 10.73%, which means that 50.09M LINK has been created in the last year. In terms of market capitalization, Chainlink is currently 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 shows a volatile market, with a downward trend. Recent market trends indicate that ChainLink’s price has been exhibiting relative stability with minimal fluctuations. The opening price of ChainLink was observed at $8.03, and the highest price was $8.11. Despite slight variations, the price remained relatively stable, with the lowest recorded value at $8.03 and a closing value of $8.08. At present, the ChainLink market is undergoing a 0.52% decrease.
The present LINK/USD price is situated above the Moving Average, implying a bullish market trend. However, the prevalence of bearish investors has resulted in a downward trajectory of the LINK/USD price, thus indicating a bearish trend. The market sentiment is mostly pessimistic, with a considerable possibility of further decline.
ChainLink price analysis reveals that the Relative Strength Index (RSI) is presently at 59, suggesting a stable cryptocurrency market. Nonetheless, the current trend for ChainLink indicates a period of depreciation, with a decreasing value. This trend is primarily attributed to the preponderance of selling activities, resulting in a decline in the RSI score, thus exacerbating the downward movement of the market.
ChainLink price analysis for 7-days
ChainLink price analysis indicates that the market is presently undergoing a phase of volatility following a period of decline. The observation mentioned above suggests that the price of ChainLink is displaying reduced vulnerability to substantial fluctuations in either a positive or negative direction. Precisely, the opening price of ChainLink was noted at $8.40, while the maximum price observed was $8.41, indicating a minimal deviation. Conversely, the minimum price recorded during the period was $7.95, implying a slight shift of -3.71%. Ultimately, the closing price for the period was noted at $8.09.
The present market analysis indicates that the LINK/USD price is currently exhibiting a bullish trend as it is trending above the Moving Average price. Recent market movements in the past few hours have also exhibited a bearish bias, substantiating this observation. Moreover, the devaluation of ChainLink’s value can be attributed to a negative market movement, intensifying the bearish control over the market.
At present, the Relative Strength Index (RSI) of Chainlink is at 55, which implies that the market is relatively stable in the neutral region. However, a downward trend in the RSI score suggests a bearish market, which is primarily caused by the presence of selling activities in the market.
ChainLink Price Analysis Conclusion
According to the latest ChainLink price analysis, the current market trend is bearish, indicating a high probability of negative market activity. The current market conditions are displaying a downward trajectory, suggesting a possible further depreciation of the cryptocurrency’s value in the future. In a bearish market, the selling pressure on an asset is generally greater than the buying pressure, leading to a decrease in the asset’s value. This trend is evident in the recent behavior of ChainLink’s market. If this bearish trend persists, there is a possibility that the value of ChainLink may continue to decrease further.
