ChainLink price analysis: LINK value declines to $6.9 after bearish interference

ChainLink price analysis: LINK value declines to $6.9 after bearish interference

TL;DR Breakdown

  • ChainLink price analysis is bearish today.
  • The strongest resistance is present at $8.3.
  • The strongest support is present at $6.2.

ChainLink price analysis for January 31, 2023, reveals the market following a downward movement, showing decreasing momentum, signifying negativity for the LINK market. Over the previous several hours, ChainLink‘s price has stayed negative. From $7.3, the price dropped to $7 on January 30, 2023. But after that, the market’s worth dropped even further, losing value. In addition, ChainLink has dropped and is now $6.9.

Today’s price for Chainlink is $6.98, with a $704.03M 24-hour trading volume, a $3.55B market cap, and market domination of 0.33%. The cost of LINK dropped by 0.81% during the previous 24 hours.

Chainlink’s price peaked on May 10, 2021, when it traded at an all-time high of $52.89, while it peaked at its lowest price on September 23, 2017, when it traded at an all-time low of $0.126297. Since the price peaked, $5.36 was the lowest amount (cycle low). Since the last cycle low, $9.45 has been the highest LINK price (cycle high). Currently, the Fear & Greed Index is at 51, and the Chainlink price forecast attitude is pessimistic (Neutral).

Out of a maximum supply of 1.00B LINK, 508.00M LINK are now in circulation. With an annual supply inflation rate of 8.78%, 40.99M LINK was produced in the previous year. Chainlink is currently ranked #4 in the DeFi Coins category and #7 in the Ethereum (ERC20) Tokens sector in terms of market capitalization.

LINK/USD 1-day price analysis: Latest developments

Following a downward swing, ChainLink price analysis demonstrates the market’s instability. This indicates that the price of ChainLink is exhibiting latent dynamics and isn’t growing any less susceptible to a movement toward either extreme. The starting price is $6.98, and it seems like the peak price will be $7. The close price is still $7, while the low price is still at $6.98. The ChainLink market has changed by 0.18%.

The price of LINK/USD looks to be falling below the value of the moving average, indicating a bearish development. The market’s movement appears to be driven primarily by bears. Furthermore, the price of LINK/USD looks to be falling, indicating a contracting market. The possibility of a negative market is apparent right now.

image 657
LINK/USD 1-day price chart Source: CoinCodex

According to ChainLink price analysis, The Relative Strength Index (RSI) is 55, indicating a steady cryptocurrency market. As a result, cryptocurrencies are located in the central-neutral zone. The RSI also seems to be moving upward, which suggests that the market is expanding. The RSI score rises when purchasing actions predominate.

ChainLink price analysis for 7-days

ChainLink price analysis exposes the market’s volatility following a downward movement, indicating that the price is becoming less likely to fluctuate between the two extremes. The high price is evident at $7.04, but the opening price seems to be $7.03. On the other hand, the low price, which has a change of -0.53% and a close price of $6.99, is $6.91.

The Moving Average price looks to be above the price of the LINK/USD, indicating a bullish advance. The market’s trajectory, however, appears to have exhibited negative tendencies during the past several hours. Additionally, the market has chosen to go in a negative direction, which will lower its value and bolster the bearish market control.

image 658
LINK/USD 7-day price chart Source: CoinCodex

The Relative Strength Index (RSI) study of the Chainlink price reveals a steady cryptocurrency with a value of 47. As a result, the LINK cryptocurrency is considered to be below neutral. The RSI path also appears to have changed to a downward movement. The RSI score’s decrease also indicates a predominant selling trend.

ChainLink Price Analysis Conclusion

The cryptocurrency has a lot of room to move toward the negative extreme but is now on a downward trend, per a Chainlink price study. Additionally, it shows that the market is now trending downward and has the potential to do so indefinitely.

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

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