The Chainlink trading chart for April 26, 2023, shows that the LINK market trend is currently bearish. The token is showing negative momentum. On April 13, 2023, the price of LINK witnessed a sudden price slash from $8.74 to $6.96.
The slight dip in LINK has left Investors and traders worried about whether Chainlink has any future potential. Will Chainlink’s price improve and bounce back, or will the bearish trend continue?
Chainlink (LINK) Struggles AS Other Crypto Soar
Chainlink is one of the major players in the blockchain sector. It is an Oracle platform that contends with rivals such as WinkLink, Band Protocol, and Chronicle.
Using the network, developers can link off-chain data, like asset values, to the on-chain. Most of the main firms in the market, like Uniswap and Aave, use it extensively.
The cryptocurrency market is notable for its instability, with prices of digital assets frequently undergoing unexpected shifts. While many cryptocurrencies have seen recent advances, the price of Chainlink (LINK) has decreased.
The investor’s sentiment and market structure has led to increased selling momentum and downtrend movement.
The price of Chainlink is $7.489 as of today, April 26, 2023, with a market value of $3.87 Billion and a 24-hour trading volume of $235 Million.
The current CoinMarketCap ranking is #19, with a circulating supply of 517,099,970 LINK, according to CoinMarketCap data.
The chainlink price prediction sentiment is currently bullish, with a Fear & Greed Index of 68 (Greed). However, this indicates that they’ll be a potential price reversal as the price is at the zone where investors would likely want to sell off.
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Chalink Price Prediction – Using Different Technical Indicators
The chart below displays technical analysis indicators for Chainlink (LINK), which includes Simple Moving Average (SMA), Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD).
LINKUSD 4H Timeframe\Source: TradingView
The Relative Strength Index (RSI): Using this indicator, traders can assess the momentum of an asset’s price movement over a specific time frame.
According to the reading above, the RSI is over 50 in this chart (Neutral Zone) and is moving toward the overbought region, which could lead to a probable market correction.
The Simple Moving Average (SMA): Most commonly, this kind of indicator is used to identify trends, support and resistance levels, and potential buy/sell signals.
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Here, the 50 SMA’s direction change caused the trend reversal, which might continue if the bullish momentum is low.
The 50 SMA aims to make a death cross by crossing below the 200. This might provide a bearish signal and indicate a potential selling opportunity.
The MACD: The MACD line is above the signal line, indicating a potential buy opportunity. The histogram is above the zero line and is also increasing in size; this indicates possible bullish momentum.
