Altcoins News
By Evie Vavasseur
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Chainlink (LINK), one of the most popular altcoins in the crypto market, is struggling to hold its ground as bearish signals grow stronger.
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The cryptocurrency market as a whole has been facing downward pressure, with Bitcoin (BTC) and Ethereum (ETH) both losing momentum.
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The recent market downturn has created a challenging environment for most cryptocurrencies, and Chainlink is no exception. Currently, LINK is trading around $16.
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A double-top pattern occurs when an asset reaches a high price, declines, then tries to rise again but fails to break past the first peak.
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Adding to the concern, the Relative Strength Index (RSI) is also showing a bearish divergence, which means that despite some upward price movements, the buying momentum is…
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The most critical level for LINK right now is $16.15. If the price falls below this, analysts predict that it could decline by 22%, potentially reaching $12.75.
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Another worrying factor is the increase in short positions on LINK. According to on-chain data, traders have placed over $10 million in short bets, meaning they are expecting the…
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Despite the bearish outlook, there are still chances that LINK could avoid a major crash:
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For short-term traders, the current market conditions suggest caution. The bearish indicators are strong, and the market sentiment is weak.
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That being said, it’s crucial to keep an eye on key price levels and stay updated with market trends.
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Chainlink (LINK) is at a critical point, with strong bearish signals suggesting a potential 22% price drop. If the price falls below $16.15, a decline to $12.
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