Altcoins News
By Steven Anderson
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Chainlink (LINK), one of the leading cryptocurrencies in the decentralized oracle space, is showing signs of vulnerability as selling pressure rises and market sentiment turns…
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On June 16, Chainlink’s price briefly surged by about 16%, fueled by a modest 2% gain earlier that day. This rally gave many traders hope that LINK could continue to climb higher.
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Technically, Chainlink is currently testing an important support level around $13.20. This mid-range support is critical, as it could act as a safety net to prevent further…
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Adding to the bearish outlook, supply zones highlighted by IntoTheBlock data indicate significant selling pressure near $13.60 to $13.90, where many investors hold their positions.
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However, some positive signs emerge from exchange netflow data. Over the past week, approximately 261,000 LINK tokens, valued at $3.44 million, have flowed out of exchanges.
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Bitcoin’s future movements remain a critical factor for Chainlink’s outlook. A strong Bitcoin rally beyond resistance levels could boost overall market sentiment and help lift…
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For traders, caution is advised. The $13.20 support level is crucial for determining short-term opportunities. A rebound here might offer a chance to buy, but a break below $12.
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In summary, while Chainlink’s mid-June rally briefly revived optimism, the growing selling pressure and bearish signals suggest the bulls are facing tough resistance.
The Currency Analytics
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