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.
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 l
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