Chainlink (LINK) has experienced a significant 24.55% drop in price over the past weeks, bringing the price of LINK to a low of $6.635 on April 18, 2023. As of May 8, 2023, the asset's current price stands at $6.66, representing a decline of 3.31%, and the 7-day price gains have declined to 3.44%. This bearish trend has been further confirmed by the asset's Neutral or slightly optimistic fear & greed index of 55.

The cryptocurrency market as a whole has been highly volatile over the past two weeks, and this is one of the key factors contributing to the bearish sentiment around LINK. The asset is currently trading below both its 50-day and 200-day Simple Moving Averages (SMA), presenting a bearish trend in the market. The Relative Strength Index (RSI) is at 38.68 and is lower than 50; this signals that the bears control the market.

Further confirmation of the bearish trend can be seen with the MACD line currently trading below the signal line, and the MACD histogram is below the zero line. This indicates that the sellers have more control than the buyers, and the bearish sentiment will continue if the LINK bulls cannot reverse the current trend.

While it is difficult to predict the future of the asset, it is clear that the trend is bearish and investors should remain cautious. It is important to use a variety of analyzes, such as technical analysis and other forms of analysis to make better investment decisions. It is also important to be aware of potential external factors that could affect the current trend.



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