Chainlink price analysis: LINK consolidates above $5.50 and could break out past $8 resistance

Chainlink price analysis shows LINK price on the up and provides a bullish sentiment over the current trend. Price rose more than 8 percent during the day's trade, rising from lows of $5.50 reached on May 12, 2022.

Timeline of Chainlink

The price of Chainlink (LINK) has fallen to the low of $5.50 as the bulls have bought the dips. On May 12, a bearish candle shows a protruding long tail. The tail of the long candle is pointing down, indicating that there is strong buying pressure at current support.

Chainlink, despite not being a traditional cryptocurrency, has a significant number of investors holding over $3 billion in market cap. All thanks to the use cases it presents to DeFi protocols across many chains.

The Chainlink price analysis shows the coin is correcting today as it has retraced back to $7.09. Overall, LINK/USD is bearish as it continues to slide downwards following the prolonged downtrend, and today's price function is also on the bearish side.

Terra's total value locked suffered a major fall, losing as much as $14 billion, amid the de-pegging fiasco resulting in reduced DeFi investor interest and a bearish market. The protocol lost around 78% in TVL since the first quarter of 2022.

Chainlink price analysis shows the recent LINK price is up by 19.41 percent after recovering from a bearish run that has been seen in the last 48 hours. The prices dipped to lows of $6 and the bulls came in to push prices back up.

Decentralized finance (DeFi) protocol Venus has been added to the lengthening list of those affected by the collapse of the Terra ecosystem this week. The post Venus Protocol Loses $11M Due to Chainlink Suspension of LUNA Price Oracle appeared first on BeInCrypto.

Recent Chainlink price analysis indicates that the LINK/USD pair is in a strong bearish run as the selling spree intensifies across all the digital assets. The bearish run has seen Chainlink prices decline by a whopping 27.15 percent, trading at $6.05, the lowest price this year.

While a few cryptocurrencies in the market are trying to recover from the losses, others are slipping quicker on the charts than sand seeps out of one's hand and XRP is, unfortunately, one of them. XRP takes a hit One of the topmost losers of the last 24 hours, XRP is down by 16.76% in

Chainlink price analysis is bearish in the short-term and bullish in the long-term. Chainlink prices have been on a steady decline over the past few days and are currently trading at $8.90.

The Chainlink price analysis indicates the LINK/USD pair extended its correction from the intraday high of $10.52 and traded to a low of $8.90 during the early hours of the day. Chainlink price analysis reveals a decline of 2.45 percent in prices from the previous price as bears look to break lower.