According to the Chainlink Price Analysis for March 27th, the market is bearish, with negative momentum piling up. The price of LINK has experienced a bearish momentum in the last 24 hours, causing the price of LINK to dip from $7.3 to $7. The market did see some improvement, with the price consolidating at an average of $7.1.
At the time of press, the token is exchanging hands at $7.12, with its one-day trading volume capping at $450M and a market cap of over $3.69B. The token also shows impressive resilience stats, establishing a 0.32% market dominance.
The price dipped by 1.72% in the last two days, and according to analysts, the coin is still at the very far end of the red zone. Chainlink has had some impressive stats in the past year despite the crypto winter, with the token seeing an all-time high of $52. However, despite the highs, the lows were also dramatic, with Chainlink dropping to $0.15.
Most technical indicators show that LINK is on a bearish trend, and the outlook may remain so in the coming days. The token’s current circulation is around 570 million out of the possible 1 billion LINK. The supply inflation rate currently stands at 10.73%.
This statement means over 50M LINK has been created in the last 12 months. As for the market cap, Chainlink is doing well and has managed to keep the number four slot in the decentralized finance sector and is one of the most popular ERC20 tokens.
The Daily Chart Price Analysis of LINK
The overall trend for the token remains bearish, with the daily chart indicating a volatile market that places the asset in a susceptible dynamic concerning market change. On Monday, the opening price was higher at $7.15, but the market tumbled 0.18% to $7.14.
The token’s price concerning the USD also shows some familiar patterns, with the LINK/USD pair trading below its moving averages. This pattern is a sign of further volatility and an expected decline in sentiment.
On the other hand, the relative strength index indicates a stable market, with the figure at 51.
According to analysts, the token is experiencing what they term devaluation, with the token’s price declining faster than expected. The divergent RSI score stems from the dominance in selling activity, contributing to the market’s bearish trend.
ChainLink 7-Day Price Analysis
According to the 7-day analysis of the token’s price, the market remains volatile, and the decline is the expected trend as we advance. The token’s price remains less susceptible to directional changes, and the weekly opening at $7.17 compared to the current price affirms the negative trend.
The weekly chart also shows that the LINK/USD pair is on a steep slope and trading below the moving averages, another supporting factor in the bearish outlook. The weekly RSI almost agrees with the daily chart, showing a stable market at 48.
The decrease in RSI indicates a shift in the momentum to a downward slide, which usually indicates a bear market for an asset. The RSI drop also indicates that there is high selling activity within the market, which, of course, maintains the bear market thesis. The market will closely monitor the token’s changes in the week, with both sides of investors looking to make returns.
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