LINK and ADA Price Drop as a Result of Market Liquidation

Crypto News – The sector had been rising for some time, but in the last few days, it started to fall. The market’s liquidation cost millions of dollars as a result of the crisis. Long positions were also the main victims.

LINK and ADA Price Drop as a Result of Market Liquidation

Major altcoins, like Cardano (ADA) and Chainlink (LINK), are collapsing following a prolonged period of growth. Out of the top 20 cryptocurrencies, LINK and ADA are two of the most impacted, while other significant altcoins are also impacted.

As of the time of writing, LINK was trading at $14.73, down 8.38% from the previous day. In contrast, ADA‘s value decreased by 9.15%, and its current price is $0.5415. The market was taken aback by the sharp decline, particularly as forecasts suggested that ADA may soar over $0.75 in the near future.

LINK Breaks $15.09 Support

The liquidation heatmap above illustrates a similar scenario involving LINK, whose 24-hour liquidation totaled $4.37 million. The $15.09 support, which was originally a resistance point, has been broken, per the LINK/USD 4-Hour Chart. This decline indicates that sellers are now in charge of the market and that LINK’s bullish vigor has diminished.

As things stand, there’s a chance the cryptocurrency may drop below $15. $14.34 is the next significant support level. The altcoin might not drop below $14.50 if LINK protects this support. LINK‘s weakness was further corroborated by the Relative Strength Index (RSI), which showed a level of 35.16.

ADA’s Situation is Similar to LINK’s

ADA‘s market structure was comparable to LINK‘s. But between December 7 and 9, ADA performed better than its opposing number. From $0.43 to $0.62, it was a price change for ADA.

However, that bullish momentum had vanished as of the time of writing. It had decreased to -0.008, the Moving Average Convergence Divergence (MACD). According to this, there was a growing downward momentum shown by the shorter EMA diverging below the longer EMA. ADA may fall below $0.50 for psychological support if the bearish momentum continues.