ChainLink price analysis: LINK significantly declines in value to $6.6

ChainLink price analysis for March 8, 2023, reveals the market following a massive downward movement, showing decreasing momentum, signifying negativity for the LINK market. The price of ChainLink has remained bearish over the past few hours.

Timeline of Chainlink

On 3 March, leading oracle network Chainlink [LINK] announced the integration of its price feeds with the newly launched Base testnet, the Ethereum [ETH] Layer 2 blockchain owned by crypto exchange Coinbase.

ChainLink price analysis for March 4, 2023, reveals the market following a massive downward movement, showing decreasing momentum, signifying negativity for the LINK market. The price of ChainLink has remained bearish over the past few hours.

Base, a newly-launched Ethereum Layer 2 project developed by Coinbase, has announced its integration with Chainlink's off-chain feeds. Base is still currently on a testnet phase, with a mainnet launch expected sometime within the year.

Chainlink's price analysis shows a bullish trend over the last 24 hours, with an average increase of 0.50 percent. Today's market began trading at $7.35 and is currently trading at $7.38, an increase of 0.50%.

Chainlink's [LINK] adoption has been on the rise for quite some time, with new integrations happening each week. In its latest adoption update, the network mentioned that in the last few days, there have been nine adoptions of three Chainlink services across six chains.

The bears are standing high, as the Chainlink price analysis indicates a crucial fall in the bullish momentum. Today, the price has fallen to $7.93, and the bears are continuously gaining ground.

The crypto market has recently displayed more bullish movements than bearish ones. This positive trend is evident in the prices of several tokens, with the Chainlink (LINK) coin showing significant growth in its value.

Chainlink (LINK) News: After months of flirting with the local support area, Chainlink (LINK) finally appears well placed to break it with the entry of whales. This comes amid encouraging rallies for several altcoins as Bitcoin (BTC) price is at an eight month high range currently.

A bullish trend can be seen in the most recent Chainlink price analysis because there has been an increase in price over the past 24 hours. The price has increased dramatically over the last few days as a result of the market's recent optimistic trend.

Chainlink News: Ethereum based blockchain network Chainlink's LINK token failed to breach the key resistance at $9.40 level in the last 8 months. This is despite a major relief rally since January 2023 in Bitcoin (BTC) and many other altcoins.