Chainlink (LINK) Price Down Today As Bears Take Control – Here’s Why
20 Mayo 2023 - 6:14AM
NEWSBTC
Chainlink has dropped slightly in the market today as bears seized
control of its price. LINK’s current price depicts a loss of 87.7%
from its all-time high of $52.88 on May 10, 2021. Related Reading:
Decentraland (MANA) Leads Crypto Market Gains, Here’s Why 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 recording a sideways trend on the daily chart, and its trading
volume has also tanked by over 32%. The recent price action
is primarily influenced by macroeconomic factors such as inflation,
regulatory laws and investor sentiment. LINK Price Analysis LINK is
in a sideways trend today, forming a red candle on the daily chart.
It is trading below its 50-day and 200-Simple Moving Averages
(SMA), a short and long-term bearish sentiment. Also, its Relative
Strength Index (RSI) is at 41.30 and dropping out of the neutral
zone to the oversold region of 30, confirming the bearish trend.
LINK’s Moving Average Convergence/Divergence (MACD) is just above
its signal line and shows convergence, a bearish signal. Also, the
MACD indicator displays a negative value. LINK is just above its
nearest support level of $6.362, which has proved critical after
the 6.177 price level provided initial support. However, its
signals on the daily chart look bearish, hinting at a further price
drop for the asset. However, if the bulls mount a rally, LINK will
encounter resistance at the $6.753 and the $6.907 price levels.
LINK enjoyed a positive price movement in 2023. However, the bears
are currently controlling the market. It will likely drop into an
oversold region before the bulls rally again. Recent Trends On
LINK’s Network Likely To Affect Its Price Chainlink NFTFi NFTFi is
a new concept combining NFTs and decentralized finance (DeFi)
solutions. It aims at adding value and liquidity to the growing NFT
market. Chainlink adopted this technological upgrade enabling
lending and borrowing. NFT holders now lock digital assets as
collateral to acquire liquidity for another digital asset. Related
Reading: Bitcoin Reclaims $27,000, Here Are The Factors Driving The
Recovery Such individuals become qualified to borrow digital assets
by paying interest to lenders. This innovation shows why Chainlink
has performed well in 2023 and is set for a further price boost if
more investors adopt its tokens and upgrades. Chainlink
Upcoming Spring Hackathon 2023 The Chainlink Hackathon event will
begin on April 28 and run until June 9, 2023. It is an initiative
from the developers to interact and network with the growing
Chainlink community. It features several categories, such as
Artificial Intelligence (AI), NFT and gaming, and DAO, and a grand
prize of $25,000. Hackathons create great networking opportunities
and exchange of ideas among the crypto community. Also, it
brings developers and coders together to interact and generate
ideas, thereby boosting a network’s visibility, utility, and
adoption. -Featured image from Pixabay and chart from
Tradingview.com
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