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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Chainlink Signals Deeper Losses: Can Bulls Stage A Comeback?

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Chainlink from Medium

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Chainlink is facing increasing bearish pressure as its price continues to edge lower, signalling a potential move toward the further downside. After a period of consolidation, the bears have regained control, pushing Chainlink closer toward the $9.28 support level. 

However, bulls may not be ready to give up just yet. With market sentiment fluctuating, the possibility of a bullish comeback looms on the horizon. By examining key technical indicators and market sentiment, we seek to determine if LINK is poised for a deeper decline or if bullish forces could reverse the current trend and drive the price upward.

At the time of writing, Chainlink was trading around $10.59, marking a 0.10% decline over the past day. The cryptocurrency’s market capitalization stood at approximately $6.4 billion, while trading volume exceeded $206 million, showing increases of 0.10% and 15.36%, respectively.

Current Market Sentiment: Bearish Pressure Mounts On Chainlink

On the 4-hour chart, following a successful drop below the $11 mark, LINK has continued to experience negative momentum, dropping toward the 100-day Simple Moving Average (SMA). As the cryptocurrency approaches the 100-day SMA, it could either find temporary support or risk further declines if the bearish momentum continues to intensify.

Chainlink
LINK showing growing negative momentum after drop below $11 | Source: LINKUSDT on Tradingview.com

Also, the Relative Strength Index (RSI) on the 4-hour chart, has dropped below the 50% threshold, now sitting at 42%. With the RSI attempting to move deeper into the oversold territory, it shows that bears are gaining control, and an extended decrease could be on the horizon if buying interest does not pick up soon.

Related Reading

Is Chainlink (LINK) $12 Breakout Imminent? Data Reveals A Rising Open Interest

1 year ago

On the daily chart, Chainlink is currently making a bearish movement, toward the $7.14 trading below the 100-day Simple Moving Average. This movement underscores strong selling pressure and negative market sentiment, signaling a heightened risk of further losses.

Chainlink
Chainlink drops below the 100-day SMA, targeting the $7.14 level | Source: LINKUSDT on Tradingview.com

Lastly, the 1-day RSI reflects increasing pessimistic pressure on LINK, as the indicator has fallen to 47% after briefly crossing above the 50% threshold. This drop highlights mounting selling activity and signals a stronger potential for additional downward movement.

Will LINK See A Recovery Or Further Decline?

As the cryptocurrency approaches the $9.28 support level, which could spark a potential rebound, technical indicators like the RSI still point to strong selling pressure. If LINK fails to hold this level, a break below could result in persistent declines, potentially testing the $7.14 support level and even lower thresholds.

Related Reading

Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals

1 year ago

However, should Chainlink manage to hold above this crucial support level, it could set the stage for a potential upward move toward the $11.10 resistance. A successful breakout through this resistance could ignite a significant rally, paving the way for the price to aim for the next key resistance at $12.44. If bullish momentum continues to build, Chainlink may even reach higher levels, extending the rally beyond current resistance points.

Chainlink
LINK trading at $10.47 on the 1D chart | Source: LINKUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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