Although Chainlink’s native token LINK has lost momentum after the high levels it reached in March, it continues to remain above $9 recently. After the price rose to around $10 in mid-March, it has experienced a loosening movement, especially in recent days. Short-term investors are closely watching whether the token will consolidate at these levels or make an upward move by moving back into the bullish range.
Leveraged Positions Decrease as Price Declines
The current price in LINK/USD parity is at $ 9.09. The highest value in current candles is $9.20; The lowest was recorded as $9.03. Despite this, some retreat has been observed in the market after the rapid rises in the recent past. The price managed to rise above the $10 band last week, but this movement did not continue.
Market data shows that total open interest decreased to $196.67 million. This figure marks a notable decline from a peak of over $220 million reached around March 17. The decrease in open positions reveals that the overpositioning that occurred during the last uptrend is easing. Analysts state that this chart may indicate that risks have decreased slightly for near-term traders.
LINK Consolidates in a Narrow Range
24-hour data reveals that LINK changed hands at $ 9.12 and continues on its way with a loss of 0.79 percent per day. The last trading range remained limited between $8.91 and $9.20. This narrow band indicates that the volatility in the market has decreased and is considered as LINK searching for a new direction.
Chainlink’s total market value is stated at 6.45 billion dollars. While the 24-hour trading volume was 391.47 million dollars, the total supply in circulation was recorded as 708.10 million LINK. Compared to the historical peak of $52.70, the current price is still well behind this level.
The fact that prices are still more than 80 percent below their all-time high indicates that the long-term recovery is not yet complete. In the short term, technical data show that expectations remain limited, although the market activity continues.
Technical Indicators Point to Uncertainty
Technical analysis results show that the LINK price is formed at the middle level of the Bollinger Band, that is, at $9.09. It is stated that the upper band is at $ 9.77 and the lower band is at $ 8.39. A trend close to the middle band indicates that the price is moving at the equilibrium level and there is no obvious signal for the beginning of a new trend.
The data reveals that the lower ranges are being defended in intraday price movements, but the buyers have not yet been able to move the price to the upper resistance. On the daily chart, LINK opened at $9.05 and hit an intraday high at $9.20. The closing was at $9.07. While the price closed with an increase of 0.25 percent at the end of the day, it is noteworthy that the transaction volume was relatively low. The MACD indicator maintains its positive outlook, but it is observed that the upward momentum is weakening.
