Chainlink price (LINK-USD) is showing a very negative price action after a bullish start of the year. The oracle cryptocurrency has lost most of its YTD gains and is now trading 18% below its February 2023 high. At the start of Wednesday, Link crypto started to gain strength but couldn’t gain any momentum as Bitcoin slid below $22,000.
Altcoins are retesting their key supports as the Bitcoin price appears to be range bound within a very tight region. Since last Friday, the price has been trading between the $22,000-$22,450 range. The boring sideways chop has significantly decreased the volume in the markets. During the last 24h, digital assets of worth $63 billion changed hands.
Launch of Chainlink Functions
Chainlink is currently the most widely used oracle network in the crypto industry. As per the latest news, the project has introduced Chainlink Functions. It will be a serverless web3 platform that will allow smart contracts to be connected to any device or system. The new feature will empower the developers by linking the traditional web2 services like Amazon Cloud and Google Cloud to the web3 ecosystem.
LINK crypto is currently the 23rd biggest crypto asset in terms of its market cap. At the current Chainlink price of $6.8, its market cap stands at $3.3 billion with a circulating supply of 491 million coins. You can buy Chainlink on all the major crypto exchanges like Binance, Kucoin and Bybit.
Chainlink Price Struggles To Break Above 200-MA
The 200-moving average on the daily chart acts as a line of sand for many traders. It is considered to be very bullish if the price is trading above this indicator. However, bears start gaining control as soon as the price breaks below this level.
On the following LINK-USD chart, it is quite evident that the price has broken below 200-day MA. There have been many attempts since the start of this week to break above the $6.97 level but to no vain. Considering this bearish price action, I expect Chainlink price to fall within the $6.44-$6.54 region.
This region corresponds to the 0.618-0.65 Fib golden pocket, which may act as a good reversal zone. A daily closure below this level will result in total annihilation for the bulls.