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ChainLink price analysis: LINK crashes by 6% after strong bearish influence

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TL;DR Breakdown

  • ChainLink price analysis is bearish today.
  • The strongest resistance is present at $6.5.
  • LINK trades at $6.1 at the time of writing.

ChainLink price analysis for April 19, 2023, indicates a decline in the market, with negative momentum. During the final hours of June 5, 2023, the cryptocurrency LINK exhibited a persistent bearish trend, characterized by a decline in price from $6.5 to $6.36. Additionally, the broader market also displayed a downward trajectory, contributing to a further decrease in the value of ChainLink, ultimately reaching a settlement at $6.1. It is worth noting that this closing value marginally surpassed the crucial threshold of $6.

As of today, June 5, 2023, the price of Chainlink (LINK) stands at $6.10, accompanied by a 24-hour trading volume of $463.41 million. The market capitalization of Chainlink is valued at $3.16 billion, with a market dominance of 0.29%. Over the past 24 hours, the LINK price has experienced a decrease of 5.83%. Presently, the sentiment surrounding Chainlink’s price prediction is bearish, and the Fear & Greed Index indicates a neutral sentiment with a value of 53.

The circulating supply of Chainlink currently amounts to 517.10 million LINK out of a maximum supply of 1.00 billion LINK. The yearly supply inflation rate stands at 10.73%, resulting in the creation of 50.09 million LINK in the last year. In terms of market capitalization, Chainlink holds the third position within the DeFi Coins sector and ranks eighth among Ethereum (ERC20) Tokens.

LINK/USD 1-hour price analysis: Latest developments

ChainLink price analysis shows a volatile market, with a downward trend. According to recent market trends, ChainLink’s price has displayed a notable degree of stability, with limited fluctuations. The upper limit of Bollinger’s band, a technical analysis indicator, is currently positioned at $6.5, serving as a prominent resistance level. Despite minor fluctuations, the price has maintained a relatively stable trajectory. Furthermore, the lower limit of the Bollinger’s band is situated at $6.1, representing an additional resistance point for the LINK token.

The present LINK/USD price is situated below the Moving Average, implying a bearish market trend. moreover, 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.

image 151ChainLink price analysis: LINK crashes by 6% after strong bearish influence
LINK/USD 1-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is presently at 20, suggesting an extremely unstable 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 1-day

Based on the ChainLink price analysis, the current market situation is characterized by volatility, which follows a preceding decline. This observation suggests that the price of ChainLink is exhibiting decreased susceptibility to significant fluctuations in both positive and negative directions. Specifically, the upper limit of Bollinger’s band is identified at $6.7, indicating a robust resistance level for the LINK token. Conversely, the lower limit of the Bollinger’s band is established at $6.1, representing an additional point of resistance for ChainLink.

According to the present market analysis, the LINK/USD price is currently displaying a bullish trend as it remains above the Moving Average price. Recent market movements within the past few hours have further supported this observation by demonstrating a bearish bias. The devaluation of ChainLink’s value can be attributed to a negative market movement, which has contributed to the strengthening of bearish control over the market.

image 152ChainLink price analysis: LINK crashes by 6% after strong bearish influence
LINK/USD 1-day price chart Source: TradingView

Currently, the Relative Strength Index (RSI) of Chainlink stands at 35, indicating that the market is relatively unstable within the neutral region. However, a downward trend in the RSI score suggests a bearish market sentiment. This decline in the RSI can be attributed to the prevalence of selling activities in the market, which has contributed to the bearish outlook.

ChainLink Price Analysis Conclusion

Based on the latest ChainLink price analysis, the prevailing market trend is bearish, indicating a significant likelihood of negative market activity. The current market conditions exhibit a downward trajectory, implying a potential further decline in the value of the cryptocurrency in the future. In a bearish market, selling pressure tends to outweigh buying pressure, resulting in 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 experience further depreciation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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