Chainlink is down slightly in the market today as bears seized control of the price. The current price of LINK shows 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 level since early May and is currently at the $6 price level. LINK is also registering a sideways trend on the daily chart and trading volume is also down more than 32%.
Recent price action is primarily influenced by macroeconomic factors such as inflation, regulation and investor sentiment.
LINK Price analysis
LINK is in a sideways trend today forming a red candle on the daily chart. It trades below its 50-day and 200-Simple Moving Averages (SMA), a short and long term bearish sentiment.
Also be Relative Strength Index (RSI) is at 41:30 and fell out of the neutral zone to the oversold area of 30, confirming the bearish trend.
LINK’s Moving Average Convergence/Divergence (MACD) is just above its signal line showing convergence, a bearish signal. Also, the MACD indicator shows a negative value.
LINK is just above the closest support level of $6,362, which has proved crucial after the price level of 6,177 provided initial support. However, the signals on the daily chart are looking bearish, indicating further price decline for the asset. However, if the bulls mount a rally, LINK will encounter resistance at the $6,753 and $6,907 price levels.
LINK had a positive price movement in 2023. However, the bears are currently dominating the market. It will likely fall into oversold territory before the bulls rally again.
Recent trends on LINK’s network are likely to affect the price
Chainlink NFTFi
NFTFi is a new concept that combines NFTs and decentralized finance (DeFi) solutions. It is aimed at adding value and liquidity to the growing NFT market.
Chainlink adopted this technology upgrade that made lending and borrowing possible. 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 poised for further price appreciation as more investors adopt its tokens and upgrades.
Chainlink upcoming Spring Hackathon 2023
The Chainlink Hackathon Event begins on April 28 and runs until June 9, 2023. It is an initiative by the developers to interact and network with the growing Chainlink community.
It features different 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 between the crypto community.
It also brings developers and programmers together to communicate and generate ideas, increasing the visibility, utility and adoption of a network.
– Featured image from Pixabay and chart from Tradingview.com
