- Chainlink is now trading near the $13 zone.
- LINK’s trading volume is up by over 46%.
With the red light flashing in the crypto market, the tokens have lost momentum, slipped to the track on the downside. As the mighty bears continue to rule, Bitcoin (BTC) has plunged to the $94.9K range, and Ethereum (ETH) is hovering at around $3.1K. Among the altcoin pack, Chainlink (LINK) has dropped by over 0.69% in value in the last 24 hours.
In the morning hours, the asset traded at a bottom of $13.45. Later, with a brief spike, the LINK price has climbed to $14.18. Notably, the crucial resistances have been broken between $13.50 and $14.13 zones. Currently, Chainlink trades at $13.97, with a market cap of $9.69 billion. Meanwhile, the daily trading volume is up by over 46.76%, reaching $753.34 million.
The Ali chart exhibits that Chainlink has been following an upward support trendline since July 2023. Recently, the price has sharply fallen and is now testing this long-term support around $13.7. A break below this trendline could signal further downside, while a bounce might keep the uptrend intact. Significantly, this is acting as a critical support level.
Will Chainlink Climb Higher or Fall to the Bottom?
The Moving Average Convergence Divergence (MACD) and signal lines of Chainlink are found below the zero line, which implies the current bearish trend. It is the short-term weakness, but further downside is likely. Moreover, LINK’s Chaikin Money Flow (CMF) indicator at -0.01 shows minimal selling pressure in the market, almost neutral. With the negative value, the money is flowing out than in, not a strong downtrend.
LINK’s daily Relative Strength Index (RSI) settling at 45.55 indicates neutral-to-slightly bearish momentum. The market is neither strongly bullish nor strongly bearish and could swing either way. Chainlink’s Bull Bear Power (BBP) reading of 0.10 suggests mild bullish dominance in the market. The value is slight but has noticeable buying pressure. Notably, it is leaning bullish, though not very strongly.
The ongoing price action of Chainlink has a negative outlook, and it might push the price down to the support at $13.90. Assuming the asset extends the gain, the price could slip to the $13.83 range and initiate the death cross to take place. A bullish reversal of LINK momentum could trigger the price to climb toward the resistance at the $14.04 range. If the upside pressure intensifies, the bulls could break above $14.11, pushing the golden cross to emerge.
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