Chainlink (LINK) Price Crumbles As The Bears Take Down Previous Gains
May 08 2023 - 12:20PM
NEWSBTC
The bullish trend that Chainlink (LINK) has enjoyed for much of its
existence seems to have recently ended. The price of LINK has
crumbled as the bears take down the bulls, leaving investors
wondering what the future holds for the asset. There was a
significant 24.55% decrease within the past weeks in the Chainlink
(LINK) market. Notably, on April 18, 2023, LINK dropped from $8.795
to a low of $6.635, changing the trend to favor the bears.
Chainlink (LINK) In A Consistent Bearish Trend LINK is trading in
the red today, May 8, 2023. As of the time of writing, the price is
$6.66, representing a decline of 3.31%. Also, its 7 days price
gains have declined, sitting at a loss of 3.44%. LINK price
kickstarted a downtrend from April 19, when it lost grip on the $8
price mark to $7. It fell below $7 to $6.91 and $6.99 on May 1 and
2 before reclaiming the $7 price. However, it continued declining
till the current price of $6.94 today. Related Reading: Shiba Inu:
Whales Accumulate Yet Price Drops – What’s Going On? Currently, the
chainlink Fear & Greed Index is 55. This sentiment indicates
that LINK’s market is presently neutral or slightly optimistic. One
of the key factors contributing to the bearish sentiment around
LINK is the general market trend. One of the key factors
contributing to the bearish sentiment around LINK is the general
market trend. The cryptocurrency market has been highly volatile
over the last two weeks, with many assets, including Bitcoin and
Ethereum, experiencing significant price drops. However, it
is still uncertain whether the bulls will retake power and drive
the price of LINK upward or if the bears will continue to rule the
market. LINK Technical Analysis The Chainlink trading chart for May
8, 2023, shows its market trend is bearish, and LINK shows negative
momentum. Currently, the asset is trading below its 200-Day and
50-Day Simple Moving Averages (SMA). This indicates a bearish trend
in the market. This also shows that both long-term and short-term
trends are bearish. LINK price is lower than its average price over
the past 50 days and 200 days, respectively, and the market’s
selling pressure is high. The Relative Strength Index (RSI) is at
38.68; this shows that LINK is currently low selling pressure. An
RSI below 50 indicates that the bears control the market. Lastly,
the MACD line is trading below the signal line, indicating that the
sellers have more control than the buyers. The MACD histogram also
confirms the bearish sentiment as it is below the zero line. The
momentum will continue if the bulls cannot maintain the selling
pressure. Technical analysis/indicators are subjective and do not
guarantee future performance. It should be used with other forms of
analysis tools. Featured image from Pixabay and chart from
Tradingview.com
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