- Chainlink tumbles over 5%, slipping into the $17 range.
- LINK’s trading volume soars by more than 82%.
The crypto market had a rough start, shedding 2.16% in market cap to reach $3.19 trillion. Major assets have surrendered recent gains, testing previous support levels. Among altcoins, Chainlink (LINK) took a hit, dropping 5.35% in the past 24 hours.
LINK opened the day trading at around $19, despite climbing above the level, the altcoin signalled a downside correction and hit a low of $17.14. At the time of writing, Chainlink trades at $17.61.
During this period, the market saw $2.31 million worth of LINK liquidated, according to Coinglass data. In the meantime, the asset’s daily trading volume surged to $682 million.
Chainlink price has plummeted by over 27.83% in the past thirty days. The month began trading at $24 and LINK’s price has steadily dropped toward hitting the month’s low at the $16.94 mark.
LINK’s price could steeply fall toward the $15 support zone if the current price momentum fails to prop up. In a highly bearish scenario, the asset may sharply push Chainlink to dip to $12.37 or even lower.
On the upside, a reversal in momentum could build a steady rally beyond the $20 range. Extended gains might bring in a retest at the $23.26 resistance. If LINK holds the price stable, it could mount high.
The Moving Average Convergence Divergence (MACD) line and the signal line of Chainlink are found below the zero line, which signals a bearish crossover. The current momentum is weak, and the asset is experiencing selling pressure.
Besides, the Chaikin Money Flow (CMF) indicator is laid at 0.06, suggesting mild buying pressure and inflow within the market. Concurrently, Chainlink’s daily trading volume has increased by over 82.32%.
LINK’s market sentiment is in a weak bearish zone as the daily relative strength index (RSI) is settled at 42.27. The Bull Bear Power (BBP) value of -0.5269 indicates that bears have a slight advantage in the market.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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