The price of ChainLink was deemed to increase by about 100% in February. However, the entire crypto market started to drop again. Besides the grave crypto smash, LINK damaged its massive support, which is it has heavily dropped.
Still, what’s the future of the ChainLink price?
Technical Analysis
The ChainLink shows the market following a partial bearish movement, achieving some negative momentum, representing a decline for the LINK market. Also, its price has stayed negative over the past few hours.
Now, the price crashed and went from $6.8 to $6.6. Still, the market began to further decrease in value soon after, as the crypto asset lost more of its value. Also, ChainLink has declined and reached $6.7, only shying away from the $7 mark.
The existing price of ChainLink is $6.7, along with a trading volume of $316,063,111. It also has been up 0.14 percent in the past twenty-four hours. The cryptocurrency ranks at #21, along with a live market cap of $3,401,730,946.
The price analysis highlights the market’s volatility following a closing movement. That indicates the price of ChainLink is becoming less susceptible to the movement towards either extreme, displaying further decreasing dynamics.
The upper limit of Bollinger’s band is $7—the solidest resistance for LINK. Equally, the lower boundary of Bollinger’s band is $5.9, acting as the toughest support for LINK.
On top of that, the LINK/USD price appears to be shifting under the price of the Moving Average, demonstrating a bearish movement. The trend of the market seems to be ruled by bears. Also, the LINK/USD seems to be shifting downwards, showing a declining market.
The market also seems to be nearly broken, which could start a reversal movement.
The price analysis shows that the RSI is 59, displaying a stable crypto stock. That only indicates that the crypto falls in the upper-neutral region. Also, the RSI seems to move downwards, showing a declining market.
The supremacy of selling activities causes the RSI score to decline.
It also shows the volatility of the market after a declining movement. Meaning, ChainLink’s price is becoming less susceptible to experiencing variable changes on either extreme. Moreover, Bollinger’s band’s upper limit is $8.2. It serves as LINK’s most powerful resistance.
Equally, the lowermost limit of Bollinger’s band is $5, which is also the most powerful support point for LINK.
Have we mentioned that the LINK/USD price appears to be shifting over the price of the Moving Average? It signifies a bullish movement, too! The market’s trend seems to have demonstrated bearish dynamics in the past few days.
Thus, the market has chosen a negative tactic. Nonetheless, the market is anticipated to break. The market began closing its volatility, and the price began moving downwards.
The analysis demonstrates the RSI to be 49, showing a stable cryptocurrency. That indicates the crypto asset falls within the central-neutral area. Further, the RSI path looks like to have moved to a downward undertaking.
Also, the decreasing RSI score also indicates dominant selling activities were on the verge of crushing bulls.
Analysis Conclusion
ChainLink price analysis shows the crypto asset follows a powerful downward trend with sufficient room for further activity on the declining extreme. Also, the market’s current condition seems to be following a negative tactic.
Thus, you can think the bears will begin making their moves soon to keep their control over the market.
FAQs
Q: Is ChainLink a good investment than Ethereum?
ChainLink and Ethereum are good investment options and good projects, but Ethereum is a little bit better. Still, as Ethereum’s price is unlikely to encounter massive price movements, ChainLink will become a better option if you wish to add a high-reward-high-risk asset to your portfolio.
Q: What’s the highest ChainLink could go?
LINK cost about $16.56 per token in March 2022, along with an all-time high on May 21 at $51.24.
Q: Is there a future for ChainLink?
The price of LINK will be about $76.56 in 2025, as per forecasts and algorithmic analysis.
Q: Is ChainLink good crypto?
ChainLink is the first blockchain protocol that can solve the oracle issue. DeFi dApps can offer lending, trading, and other financial services by making decentralized oracles and price notes that precisely report data to on-chain protocols.
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.