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ChainLink price analysis: LINK obtains bullish momentum at $7.058

ChainLink price analysis: LINK obtains bullish momentum at $7.058

TL;DR Breakdown

  • ChainLink price analysis is bullish today.
  • The strongest support is present at $5.3.
  • The strongest resistance is present at $8.4.

ChainLink price analysis for January 23, 2023, reveals the market following an upward movement, showing increasing momentum, signifying positivity for the LINK market. The price of ChainLink has remained bullish over the past few hours. On January 22, 2023, the price reached $7.2 from $6.855. However, the market decreased in value soon after and lost some value. Moreover, ChainLink has decreased and reached $7, just moving onto the $7 mark.

Chainlink’s price today is $7.05 with a 24-hour trading volume of $1.13B, a market cap of $3.58B, and a market dominance of 0.34%. The LINK price increased by 1.80% in the last 24 hours.

Chainlink reached its highest price on May 10, 2021, when it was trading at its all-time high of $52.89, while Chainlink’s lowest price was recorded on Sep 23, 2017, when it was trading at its all-time low of $0.126297. The lowest price since its ATH was $5.36 (cycle low). The highest LINK price since the last cycle low was $9.45 (cycle high). The Chainlink price prediction sentiment is currently bullish, while the Fear & Greed Index is showing 50 (Neutral).

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 #7 in the Ethereum (ERC20) Tokens sector.

LINK/USD 1-day price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following an increasing movement. This means that the price of ChainLink is becoming more prone to the movement toward either extreme, showing dormant dynamics. The opening price is $7.04, while the high price appears to be $7.07. Conversely, the low price is present at $7.03, with a close price remaining at $7.07. ChainLink market is undergoing a change of 0.35%.

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

image 476
LINK/USD 1-day price chart Source: CoinCodex

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 64 showing an increasing cryptocurrency market. This means that cryptocurrency is above the upper-neutral region. Furthermore, the RSI appears to move upward, indicating an increasing market. The dominance of buying activities causes the RSI score to increase.

ChainLink price analysis for 7-days

ChainLink price analysis reveals the market’s volatility following an increasing movement, which means that the price of ChainLink is becoming more prone to experience variable change on either extreme. The Opening price appears to be $7.11, while the high price is present at $7.12. Conversely, the low price is present at $7.02, with a close price of $7.06 undergoing a change of -0.81%.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish 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.

image 477
LINK/USD 7-day price chart Source: CoinCodex

Chainlink price analysis shows the Relative Strength Index (RSI) to be 47, signifying a stable cryptocurrency. This means that the LINK cryptocurrency falls in the central-neutral region. Furthermore, the RSI path seems to have shifted to an upward movement. The increasing RSI score also means dominant buying activities.

ChainLink Price Analysis Conclusion

Chainlink price analysis reveals that the cryptocurrency follows an increasing 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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