ChainLink price analysis for April 17, 2023, reveals the market following a bullish movement, showing positive momentum, signifying an increment for the LINK market. On April 16, 2023, the value of ChainLink underwent a sharp surge, rising from $7.6 to $8.2. However, the subsequent market trends led to a reversal of this gain, and the majority of the increase was eventually lost. Presently, ChainLink has witnessed a decline and is currently being traded at a value of $8.
As of today, April 17th, 2023, Chainlink is being traded at a value of $8.02 with a 24-hour trading volume of $912.58 million, a market capitalization of $4.15 billion, and a market dominance of 0.33%. The price of LINK has increased by 0.53% in the last 24 hours. The current sentiment for Chainlink’s price prediction is bullish, and the Fear & Greed Index currently indicates a level of 69 (Greed).
Chainlink’s circulating supply as of now stands at 517.10 million LINK, out of a maximum supply of 1.00 billion LINK. The current yearly supply inflation rate is 10.73%, resulting in the creation of 50.09 million LINK 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 reveals the market’s volatility following an increasing movement.
The price of ChainLink is demonstrating heightened volatility, suggestive of an increasing trend in the movement toward either extreme of the price range. The trading period began with ChainLink opening at $8.03, with the highest recorded price being $8.09. However, the cryptocurrency underwent a decline, with the lowest price recorded at $7.97, and closing the trading day at $7.99. Overall, the ChainLink market experienced a change of -0.51%.
As per the current analysis, the LINK/USD market seems to be under the influence of bullish sentiment, as the price is being traded above the Moving Average (MA) price. In this case, the price of LINK/USD is above the MA, indicating positive sentiment. However, despite the current bullish sentiment, the trend of the LINK/USD market is displaying a downward trajectory.
ChainLink price analysis reveals that the Relative Strength Index (RSI) of the cryptocurrency is presently at 61, indicating that the LINK market is unstable. This suggests that there is no clear indication of a bullish or bearish trend and that the market is currently in a neutral phase. However, the RSI is displaying a downward trend, indicating that the market is declining. The drop in the RSI score is likely due to increased selling activity in the market, which is putting pressure on the price of ChainLink.
ChainLink price analysis for 7-days
ChainLink price analysis reveals the market’s volatility following an increasing movement, this suggests that the ChainLink price is becoming more susceptible to experiencing fluctuations in either direction. At the beginning of the trading period, ChainLink opened at a price of $8.22 and reached a high of $8.29. However, the market witnessed a decline with a low of $7.95, resulting in a change of -3.11%. The trading period ended with a closing price of $7.96.
Despite the current bullish trend in the ChainLink/USD market, recent market activity has shown further bullish tendencies. This is evident in the price of LINK trading above the Moving Average price. However, the market has taken a negative turn over the past few hours, which may lead to a decrease in value for ChainLink, strengthening its bearish control over the market.
According to Chainlink price analysis, the Relative Strength Index (RSI) of the LINK cryptocurrency is currently at 54, suggesting a stable market condition. This signifies that the market is in a neutral state, without being overbought or oversold. However, the RSI is displaying a downward trend, indicating a prevailing selling activity in the market. This downward trend in RSI may imply that the market is inclined towards bearishness, and investors may consider being cautious with their investment decisions.
ChainLink Price Analysis Conclusion
Based on a recent analysis of Chainlink’s price, the cryptocurrency is exhibiting an ascending pattern while remaining vulnerable to additional unfavorable market activity. The present market environment indicates a rise with the possibility of sustained upward movement. This trend may be ascribed to several factors, including increased buying pressure, positive market sentiment, or a scarcity of bearish catalysts.
