Chainlink (LINK) Price Plunged Today as the Bears Are in Control – Here’s Why

Chainlink is down a bit in the market today as the bears have taken control of its 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 levels since the beginning of May and is currently at the $6 price level. LINK is also registering a sideways trend on the daily chart, and its trading volume has also decreased by more than 32%.

Recent price action is mainly influenced by macroeconomic factors such as inflation, regulatory laws and investor sentiment.

link value analysis

LINK is trending sideways today, forming a red candle on the daily chart. It is trading below its 50-day and 200-day.Simple Moving Average (SMA), A Bearish sentiment in the short and long term.

Also, its Relative Strength Index (RSI) is at 41.30 and falling from the neutral zone to the oversold zone of 30, confirming the bearish trend.

LINK’s moving average convergence/divergence (MACD) is just above its signal line and the convergence shows a bearish signal. Furthermore, the MACD indicator is displaying a negative value.

LINK is just above its nearest support level of $6.362, which has proved to be crucial after initial support was provided by the 6.177 price level. However, the signals on the daily chart are bearish, indicating further downside for the asset. However, if the bulls mount a rally, LINK will face resistance at the $6.753 and $6.907 price levels.

LINK enjoys positive price movement in 2023. However, the bears are currently controlling the market. It may drop to the oversold zone before the bulls rally again.

Recent trends on LINK’s network could affect its price

chainlink nftfi

nftfi There is a new concept combining NFTs and Decentralized Finance (DeFi) solutions. It aims to add value and liquidity to the growing NFT market.

Chainlink adopted this technological upgrade to enable lending and borrowing. nft holder Now lock up digital assets as collateral to gain liquidity for any other digital asset.

Such individuals become eligible 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 growth if more investors adopt its token and upgrade.

Chainlink Upcoming Spring Hackathon 2023

Chainlink Hackathon Event Will start from 28th April and will run till 9th ​​June, 2023. It is an initiative from the developers to interact and network with the growing Chainlink community.

It includes multiple categories such as Artificial Intelligence (AI), NFT & Gaming, and DAOs and a grand prize of $25,000. Hackathons provide great networking opportunities and exchange of ideas among the crypto community.

In addition, it brings together developers and coders to interact and generate ideas, thereby boosting the visibility, usability, and adoption of the network.

Featured image from Pixabay and Chart from Tradingview.com