Chainlink (LINK) experiences price volatility today despite his slight gains. The bears are trying to take control of the price action as LINK fell from $8.5764 on April 18 to $7.7704 on April 19, 2023.
Trading volume is up 97% in the last 24 hours. It also gained 2.27% against its price yesterday. But LINK price is showing a decline on today’s chart, representing bear control.
Notably, the total crypto market cap is down 0.92%, indicating that the bears are in control. Top coins such as BTC and ETH are on a bearish trend likely driving other altcoins to fall.
What awaits LINK?
LINK has formed a red candle on today’s daily chart and is dropping below 50 days Simple Moving Average (SMA)short-term bearish sentiment.
It has also remained in the sideways trend that started on April 22, 2023, showing that the bears and bulls may be in a stalemate in the market. The price movement during this period is minor, but a spike in trading activity is evident for the asset.
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Left Relative Strength Index (RSI) is 44.58, falling into the oversold area. It implies that further price drops are possible in the coming days. LINK is still above the 200-day SMA despite the price volatility. The 200-day SMA has turned into a support level for the asset at $6,942, indicating a long-term recovery.
Other critical support levels are $6.4 and $6.75. The resistance levels are also $7,456, $7,735, $8.8, and $9.48. At the $7,456 resistance, the bears are planning to keep the price of LINK low.
It is likely to fall to the $6,942 support level soon, which may act as a pivot point to trigger a bullish rally.
Chainlink upcoming hackathon event raises hopes for a rally
The Chainlink Hackathon Event promises to bring exciting innovators and developers together. The event starts today, April 28, until June 9, 2023. This event will notably boost and create awareness in the crypto community.
The Hackathon spring 2023 offers developers at various skill levels opportunities to compete in a $450,000 prize pool. Participants must create new decentralized applications (dApps) using Chainlink technology to demonstrate their potential. Chain link offers Oracle Services switch hybrid smart contracts to function on any blockchain.
Despite the current price drop, LINK has retained most of its profits in 2023. It went from $5.6224 on January 1, 2023 to being current price of $7.03 at press time. The Hackathon and other developments on the network are vital to hopes for a bull run in 2023 and beyond.
Featured image from Pixabay and chart from Tradingview
