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ChainLink price analysis: LINK trades at $5.99 after some bullish interference

ChainLink price analysis: LINK trades at $5.99 after some bullish interference

TL;DR Breakdown

  • ChainLink price analysis is bearish today.
  • The strongest resistance is present at $7.7.
  • The strongest support is present at $5.8.

ChainLink price analysis for December 21, 2022, reveals the market following an upward movement, showing increasing momentum, signifying positivity for the LINK market. The price of ChainLink has remained bearish over the past few hours. On December 20, 2022, the price reached from $6 to $5.91. However, the market increased in value soon after and gained more value. Moreover, ChainLink has increased and reached $5.99, just moving onto the $6 mark.

Chainlink price today is $ 5.99 with a 24-hour trading volume of $ 484.73M market cap of $ 3.05B and a market dominance of 0.37%. The LINK price decreased by 0.85% in the last 24 hours. Chainlink’s current circulating supply is 508.00M LINK out of the max supply of 1.00B LINK. The current yearly supply inflation rate is 8.78%, meaning 40.99M LINK were created in the last year. In terms of market cap, Chainlink is currently ranked #4 in the DeFi Coins sector and ranked #8 in the Ethereum (ERC20) Tokens sector.

LINK/USD 1-day price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following a declining movement. This means that the price of ChainLink is becoming neither less prone to the movement towards either extreme, showing dormant dynamics. The opening price is $5.99, while the high price appears to be $6. Conversely, the low price is present at $5.96, with a close price remaining at $5.98. ChainLink market is undergoing a change of 0.01%.

The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to be dominated by bears. However, the LINK/USD price appears to be moving upward, illustrating an increasing market. The market appears to be showing bullish potential.

image 421
LINK/USD 1-day price chart Source: CoinCodex

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 38 showing a stable cryptocurrency market. This means that cryptocurrency is just under the lower-neutral region. Furthermore, the RSI appears to move linearly, indicating a stable market. The equivalence of buying and selling activities causes the RSI score to remain stable.

ChainLink price analysis for 7-days

ChainLink price analysis reveals the market’s volatility following a decreasing movement, which means that the price of ChainLink is becoming less prone to experience variable change on either extreme. The Opening price appears to be $5.94, while the high price is present at $6.01. Conversely, the low price is present at $5.92, with a close price of $5.95.

The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. However, the market’s trend seems to have shown bullish tendencies in the last few hours. Moreover, the market has decided on a positive approach. As a result, the movement path has shifted today, the price started moving upwards, and the market started opening its volatility. This change has played a crucial role in the development of ChainLink. However, the price attempts to move toward the resistance band of the market and obtain a reversal.

image 422
LINK/USD 7-day price chart Source: CoinCodex

Chainlink price analysis shows the Relative Strength Index (RSI) to be 40, signifying a stable cryptocurrency. This means that the LINK cryptocurrency falls in the lower-neutral region. Furthermore, the RSI path seems to have shifted to a linear movement. The constant RSI score also means equal buying and selling activities.

ChainLink Price Analysis Conclusion

Chainlink price analysis reveals that the cryptocurrency follows a consistent trend with much room for activity on the positive extreme. Moreover, the market’s current condition appears to be following a neutral approach, as it shows the potential to move to either bullish extreme. The market shows much potential for development towards the increasing end of the market.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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