ChainLink Price Analysis: LINK Loses Value At $6.8
ChainLink price analysis for May 2, 2023, indicates a decline in the market, with negative momentum. On April 30, 2023, the value of LINK displayed a consistent and continuous downward trend, plummeting from $7.2 to $6.9 within a few hours. Concurrently, the wider market witnessed a similar descent, which further contributed to a decline in the ChainLink price, ultimately stabilizing at $6.8. The final valuation of $6.8 marginally surpassed the crucial threshold of $6.5.
The present valuation of Chainlink stands at $6.88, with a 24-hour trading volume of $429.94M, a market capitalization of $3.56B, and a market dominance of 0.31%. Within the last 24 hours, the LINK price experienced a decline of -1.87%.
The current sentiment for Chainlink price prediction is bearish, while the Fear & Greed Index indicates a reading of 55 (Greed). Currently, there is a circulating supply of 517.10M LINK out of a maximum supply of 1.00B LINK. The yearly supply inflation rate is 10.73%, leading to the creation of 50.09M LINK in the past year. In terms of market cap, Chainlink is presently ranked #3 in the DeFi Coins sector and ranked #7 in the Ethereum (ERC20) Tokens sector.
LINK/USD 1-day price analysis: Latest developments
Based on the ChainLink price analysis, the market has been volatile with a recent upward trend. The ChainLink market has exhibited a relatively stable trend over the past few days, with only minor fluctuations. The starting price was recorded at $6.89, and the highest price observed was also $6.89, indicating limited variations. The minimum recorded value was $6.88, and the closing price settled at $6.88, thus demonstrating a consistent price trend. As of now, the ChainLink market shows a slight increase of -0.13%.
Based on the prevailing market trend for LINK/USD, it appears that the price is currently situated below the Moving Average, indicating a bearish outlook. The preponderance of bearish traders has contributed to a decline in the LINK/USD price, suggesting a bearish market trend. The overall market sentiment appears to be predominantly pessimistic, with a significant likelihood of a further decrease in price.
According to the Chainlink price analysis, the Relative Strength Index (RSI) is presently at 41, which suggests a stable cryptocurrency market. However, the current trend for Chainlink appears to be relatively declining, with the price following a downward trajectory. This trend is primarily due to the dominant selling activities.
ChainLink price analysis suggests that there is volatility after a decline. The starting price for the observed period was $6.90, with a small variation as the highest price reached $6.92. However, the minimum price during this period was $6.87, which indicates a slight decrease of -0.38%. The closing price for the period remained at $6.87, which indicates a stable price trend.
According to the current market analysis, there is a bearish trend in the LINK/USD price as it is below the Moving Average price. This trend is further supported by recent market movements, indicating a bearish sentiment. The devaluation of ChainLink’s value can be attributed to the negative market shift that has strengthened the bearish control over the market.
The current Relative Strength Index (RSI) for Chainlink is at 46, signifying that the market is relatively stable and situated in the neutral territory. However, a decreasing trend in the RSI score indicates a declining market trend, which can be attributed to the prevailing selling activities that are dominant in the market.
ChainLink Price Analysis Conclusion
Based on the current ChainLink price analysis, the market trend is indicating a bearish outlook, which signals a higher likelihood of unfavorable market activity. The cryptocurrency is exhibiting a downward trajectory, indicating the possibility of a potential future devaluation. In bearish markets, selling activities usually surpass buying activities, leading to a decrease in the asset’s worth. This market condition is evident in the present ChainLink market state. If the bearish trend persists, it is probable that the value of ChainLink may continue to decrease.