- Chainlink’s value decreased by more than 9%, reaching a price of $23.
- The Chainlink market experienced liquidations totaling $12.24 million.
The broader cryptocurrency market is showing a downward trend, with a collective market capitalization shrinking by over 2.99% to settle around $3.8 trillion. Widespread price declines are visible across various cryptocurrencies, including market leaders like Bitcoin (BTC) and Ethereum (ETH), which are currently trading in the approximate ranges of $110.2K and $4.4K respectively.
Specifically, Chainlink (LINK) has seen a notable drop, falling 9.27% in value over the past 24 hours. After starting the day with a peak of $26.21, selling pressure intensified, driving the price of LINK down to a daily low of $23.14.
Currently, according to CoinMarketCap data, Chainlink is trading around $23.33. Its market capitalization is approximately $15.85 billion, and the daily trading volume has risen by over 7.98% to reach $1.92 billion. Data indicates liquidations in the LINK market totaling $12.24 million within the last 24 hours.
Will Chainlink Recover Soon?
Technical analysis of Chainlink’s recent performance suggests a continued bearish outlook. The Moving Average Convergence Divergence (MACD) indicator, along with its signal line, is positioned below the zero line, confirming a downward momentum and indicating price weakness.
The Chaikin Money Flow (CMF) for Chainlink currently sits at -0.28, a negative value. This figure signals that selling activity is currently stronger than buying activity. This moderately bearish reading means funds are exiting the asset more than entering, and prices often close near the lower end of the trading range.
Chainlink’s recent price action points towards a potential retest of the $23.27 support level. Should bearish momentum increase, a “death cross” pattern could emerge, possibly pushing the price below $23.21.
Conversely, if Chainlink experiences a shift towards bullish momentum, it could potentially rise toward the immediate resistance level around $23.39. Sustained price stability at this level could pave the way for a climb towards the recent high, potentially triggering a “golden cross” formation.
Furthermore, Chainlink’s daily Relative Strength Index (RSI) is at 35.07, indicating that it is nearing oversold conditions. While the current bearish sentiment is not extreme, a rebound could signal a potential price reversal. The Bull Bear Power (BBP) reading of -2.35 supports the dominance of sellers and suggests a likely downward price movement.
Top Crypto Story
Coinbase Account Breach: Hackers Spend $8M on Solana After Gaining Access