Chainlink Faces Pressure Amid Ongoing Price Downtrend
With less open interest in futures, the price of Chainlink (LINK) is finding it difficult to maintain important support levels. This begs the question of what it will do next. Interestingly, LINK’s price has dropped by 2.48% in the last day to $13.34. LINK is down 15.87% over the last seven days and 17.9% over the last fourteen. However, investors are doubting whether Chainlink would bounce back during these times as the price trend drops. They are also thinking about the likelihood that the slump might go on.
LINK in Bearish Trend: Can Bulls Stop the Slide?
The cryptocurrency asset is still in a bearish trend, according to Chainlink‘s weekly chart. The price is still having trouble staying above important support levels. LINK has tested the most recent support around the 0.786 level at $13.91, according to the Fibonacci retracement levels. It has now broken below that threshold, indicating a decline in technical power. LINK may drop further toward the $12.00–$13.00 range if it is unable to regain and hold this level. The next significant support would be the 1.0 Fibonacci level at $10.11.
Chainlink Faces Strong Resistance at $16.89–$19.00
In the meantime, the $16.89–$19.00 range is a crucial area in terms of resistance. In the near future, LINK might find it difficult to surpass this level. A shift toward a positive rebound may be indicated if the price can break above these levels. The MACD indicator indicates bearishness in terms of momentum. In particular, the signal line (orange) stays above the MACD line (blue). Since both are in negative territory, the current downward trend is probably going to continue. The red-colored histogram indicates that there is still selling pressure.
For more up-to-date crypto news, you can follow Crypto Data Space.
[…] Chainlink (LINK) added 2.74% over the past 24 hours, extending its recent upward move as optimism resurfaced around institutional interest. The gains followed reports that Franklin Templeton, one of the world’s largest asset managers, is considering adding major altcoins — including Chainlink — to its crypto index ETF. […]