The Chainlink market was not much affected by the massive fluctuations affecting altcoins and Bitcoin. This could possibly be due to the reduced correlation between BTC and LINK. However, the price of the altcoin has been moving sideways for some time and this trend could take longer due to the lack of volatility.
1 hour Chainlink price chart
The chart above shows that the price is moving in the same limited range. However, this long period of consolidation started the rise for the LINK market. Now that the selling pressure has increased, the market trend can witness changes as well.
The Bollinger Bands were previously merged, but now began to split given the sudden selling pressure. This trend may change as the signal line remains below the candlesticks indicating a bullish period.
The 50 moving averages also remained below the candlesticks, indicating that the price was moving upwards. However, the gap between the candlesticks and the MA has narrowed, indicating that the price is currently declining.
The Relative Strength Index, close to the overbought zone, is moving towards equilibrium as sellers enter the market. The RSI has a current value of 52, showing that buyers and sellers are outpacing the trading pressure in the market. This may cause LINK to remain at the current level and continue to be consolidated.
The Awesome Oscillator stated that the momentum in the market is sufficient to continue the current phase. However, the struggle among traders can push the digital presence in both directions.
The LINK market is in a phase of consolidation at the time of this writing. However, the coin lacks a lot of volatility so far but a sudden change in price could push the market towards bears or bulls. Traders may want to follow the market as it may fluctuate at any time in the short term.