- Chainlink has slipped over 8% and is trading in the $12 range.
- The drop triggered $5.43 million worth of LINK liquidations across the market.
The formidable downtrend in Chainlink (LINK), the native token of the decentralized oracle network, continues as extreme fear sweeps through the crypto space, reflected by the Fear and Greed Index holding at 15.
LINK has posted a loss of over 8.51% after the wake of bears and chose to trade on the downside. The bearish pressure has pushed the price down toward the $11.94 level from a peak of $14.51, traded in the early hours.
At the time of writing, Chainlink trades at $12.95, with its daily trading volume reaching $830 million. Furthermore, the market observed a liquidation of $5.43 million worth of LINK during this timeframe, as per Coinglass data.
The price of LINK has slipped by 6% over the last seven days. The asset opened the week trading at $13.78, and the price mounted to its weekly high of $17.54 range.
Will Chainlink Extend Its Decline?
Chainlink’s downside price pattern could find immediate support in the $11 range. The continued bear-hold might potentially trigger LINK to break below the $9.47 mark or even lower.
Assuming the reversal of the in-progress momentum, the asset might climb to test the $13.86 resistance. An upside break could propel further high targets around the $15-$16 range.
LINK’s Moving Average Convergence Divergence (MACD) line and signal line are settled below the zero line. This confirms that the asset is trading in a negative phase and has potent downward momentum.
Besides, the Chaikin Money Flow (CMF) indicator at -0.16 signals that money is flowing out of the asset with a weak demand in the market. Likewise, the daily trading volume of Chainlink has surged by 31.65%.
The Bull Bear Power (BBP) value of -1.4646 indicates that bears are in control of the market. Moreover, the daily relative strength index (RSI) resting at 35.10 infers that Ethereum is approaching oversold territory.
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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