{"id":530486,"date":"2023-05-08T17:20:40","date_gmt":"2023-05-08T17:20:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=530486"},"modified":"2023-05-08T13:56:11","modified_gmt":"2023-05-08T13:56:11","slug":"chainlink-link-price-crumbles-as-the-bears-take-down-previous-gains","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/chainlink\/chainlink-link-price-crumbles-as-the-bears-take-down-previous-gains\/","title":{"rendered":"Chainlink (LINK) Price Crumbles As The Bears Take Down Previous Gains"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The bullish trend that Chainlink (LINK) has enjoyed for much of its existence seems to have recently ended. <\/span><span style=\"font-weight: 400\">The price of LINK has crumbled as the bears take down the bulls, leaving investors wondering what the future holds for the asset.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There was a significant 24.55% decrease within the past weeks in the Chainlink <\/span><span style=\"font-weight: 400\">(LINK) market<\/span><span style=\"font-weight: 400\">. Notably, on April 18, 2023, LINK dropped from $8.795 to a low of $6.635, changing the trend to favor the bears.<\/span><\/p>\n<h2>Chainlink (LINK) In A Consistent Bearish Trend<\/h2>\n<p><span style=\"font-weight: 400\">LINK is trading <\/span><a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">in the red<\/span><\/a><span style=\"font-weight: 400\"> 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%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">LINK price kickstarted <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/chainlink\/historical_data#panel\" rel=\"nofollow\"><span style=\"font-weight: 400\">a downtrend <\/span><\/a><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-whales-accumulate-price-drops\/?swcfpc=1\">Shiba Inu: Whales Accumulate Yet Price Drops \u2013 What\u2019s Going On?<\/a><\/p>\n<p><span style=\"font-weight: 400\">Currently, the chainlink <\/span><a href=\"https:\/\/cfgi.io\/chainlink-fear-greed-index\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Fear &amp; Greed Index<\/span><\/a><span style=\"font-weight: 400\"> is 55. This sentiment indicates that LINK\u2019s market is presently neutral or slightly optimistic. <\/span><span style=\"font-weight: 400\">One of the key factors contributing to the bearish sentiment around LINK is the general market trend.<\/span><\/p>\n<p><span style=\"font-weight: 400\">One of the key factors contributing to the bearish sentiment around LINK is the general market trend. The <\/span><span style=\"font-weight: 400\">cryptocurrency market<\/span><span style=\"font-weight: 400\"> has been highly volatile over the last two weeks, with many assets, including Bitcoin and Ethereum, experiencing significant price drops.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<h2>LINK Technical Analysis<\/h2>\n<p><span style=\"font-weight: 400\">The Chainlink <\/span><span style=\"font-weight: 400\">trading chart<\/span><span style=\"font-weight: 400\"> for May 8, 2023, shows its market trend is bearish, and LINK shows negative momentum.<\/span><\/p>\n<figure id=\"attachment_530492\" aria-describedby=\"caption-attachment-530492\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-530492 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/LINKUSDT_2023-05-08_17-08-11.png?resize=860%2C471\" alt=\"Chainlink (LINK) Price Crumbles As The Bears Take Down Previous Gains\" width=\"860\" height=\"471\"><figcaption id=\"caption-attachment-530492\" class=\"wp-caption-text\">LINK continues to decline l <a href=\"https:\/\/www.tradingview.com\/x\/YrBXzDYs\/\" rel=\"nofollow\">LINKUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Currently, the asset is trading below its 200-Day and 50-Day <\/span><span style=\"font-weight: 400\">Simple Moving Averages<\/span><span style=\"font-weight: 400\"> (SMA). This indicates a bearish trend in the market. This also shows that both long-term and short-term trends are bearish.<\/span><\/p>\n<p><span style=\"font-weight: 400\">LINK price is lower than its average price over the past 50 days and 200 days, respectively, and the market&#8217;s selling pressure is high.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <\/span><span style=\"font-weight: 400\">Relative Strength Index<\/span><span style=\"font-weight: 400\"> (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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lastly, the <\/span><span style=\"font-weight: 400\">MACD<\/span><span style=\"font-weight: 400\"> line is trading below the signal line, indicating that the sellers have more control than the buyers. <\/span><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p>Technical analysis\/indicators are subjective and do not guarantee future performance. It should be used with other forms of analysis tools.<\/p>\n<p>Featured image from Pixabay and chart from Tradingview.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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%.\u00a0 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 \u2013 What\u2019s Going On? Currently, the chainlink Fear &amp; Greed Index is 55. This sentiment indicates that LINK\u2019s 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.\u00a0 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&#8217;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<\/p>\n","protected":false},"author":584,"featured_media":528693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[13217,16295,6664,79480],"class_list":["post-530486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-bears","tag-chainlink","tag-crypto","tag-linkusdt"],"acf":[],"yoast_head":"\n<title>Chainlink (LINK) Price Crumbles As The Bears Take Down Previous Gains<\/title>\n<meta name=\"description\" content=\"The bullish trend that Chainlink (LINK) has enjoyed for much of its existence seems to have recently ended. 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