Chainlink Price Slides As The Bear Try To Take Over, Will A Rally Follow?
April 28 2023 - 11:10AM
NEWSBTC
Chainlink (LINK) is experiencing price volatility today despite its
slight gains. The bears aim to take control over the price action
as LINK dropped from $8.5764 on April 18 to $7.7704 on April 19,
2023. Its trading volume is up by 97% in the last 24 hours.
It also gained 2.27% on its price yesterday. But LINK price shows a
decline on today’s chart representing a bear control. Notably, the
overall crypto market cap is down by 0.92%, indicating that bears
are in control. Top coins such as BTC and ETH display a bearish
trend that is most likely pushing other altcoins to decline. What’s
Ahead For LINK? LINK has formed a red candle on today’s daily
chart, dropping below its 50-day Simple Moving Average (SMA), a
short-term bearish sentiment. Also, it has remained in the
sideways trend that began on April 22, 2023, showing that the bears
and bulls might be at a stalemate in the market. The price change
in this period is slight, but a spike in trading activity is
evident for the asset. Related Reading: Terra Classic Recent
Efforts Could Benefit LUNC’s Growth Potential LINK’s Relative
Strength Index (RSI) is 44.58, descending to the oversold region.
It implies that further price decline is possible in the coming
days. LINK is still above its 200-day SMA despite the price
volatility. The 200-day SMA has turned into a support level for the
asset at $6.942, indicating a recovery in the long term. Other
vital support levels are $6.4 and $6.75. Also, its resistance
levels are $7.456, $7.735, $8.8, and $9.48. At the $7.456
resistance, the bears intend to keep LINK’s price down. It
will likely descend to the $6.942 support level soon, which can act
as a pivot point to spark a bullish rally. Chainlink Upcoming
Hackathon Event Sparks Hope Of A Rally The Chainlink Hackathon
event promises to bring exciting innovators and developers
together. The event will kick off today, April 28, until June 9,
2023. Notably, this event will boost and create awareness in the
crypto community. Related Reading: Shiba Inu Whales Unload Billions
Amid SHIB Price Retreat The Hackathon Spring 2023 offers developers
at different skill levels opportunities to compete in a prize pool
of $450,000. Participants must create new decentralized
applications (dApps) using Chainlink technology to showcase their
potential. Chainlink offers Oracle services enabling hybrid smart
contracts to function on any blockchain. Despite the current price
slump, LINK has retained most of its gains in 2023. It moved from
$5.6224 on January 1, 2023, to its current price of $7.03 at
press time. The Hackathon and other developments on the network are
vital to its hope of a bull run in 2023 and beyond. Featured image
from Pixabay and chart from Tradingview
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