- Chainlink is hovering around the $17 mark.
- LINK’s trading volume is up by over 16%.
With the Fear and Greed Index value holding at 29, the overall market sentiment is fear. Most of the digital assets are struggling within the red territory, attempting recovery. Bitcoin (BTC) and Ethereum (ETH), the largest assets, are hovering on the downside. Meanwhile, Chainlink (LINK) has recorded a solid 4.3% decline in value.
LINK opened the day trading at around $18.93, and with the bearish encounter, the price has slipped to a bottom range of $17.33. According to CoinMarketCap data , at the time of writing, Chainlink trades at around $17.45, with its market cap touching the $11.84 billion level.
Besides, the asset’s daily trading volume of Chainlink has increased by over 16.16%, reaching the $1.19 billion mark. Notably, the Coinglass data has revealed that the market has experienced a liquidation of $3.59 million worth of LINK within the last 24 hours.
An analyst’s chart shows that whale addresses holding between 100,000 and 1,000,000 LINK have accumulated around 13 million LINK over the past week. Despite price swings, big holders have been steadily buying more. It shows strong accumulation and hints at possible bullish momentum.
Where is Chainlink Price Headed Next?
The technical analysis of Chainlink has exhibited that the Moving Average Convergence Divergence (MACD) line is below the signal line. It implies bearish momentum in the market, and it also warns that the price could continue to decline. Besides, the Chaikin Money Flow (CMF) indicator of LINK is found at 0.21 reports strong buying pressure in the market. The money is flowing into the asset, experiencing strong accumulation and potential upward price movement.
LINK chart (Source: TradingView )
In addition, the daily Relative Strength Index (RSI) at 43.03 indicates that LINK is in a neutral zone, leaning slightly bearish. Also, the market is not showing extreme highs or lows, but the overall sentiment is a bit cautious. Chainlink’s Bull Bear Power (BBP) value of -0.85 suggests the bearish dominance in the market. The magnitude denotes that the bearish momentum is mild, with a slight downward pressure rather than a strong sell-off.
With the four-hour negative trading pattern, the Chainlink price might fall toward the $17.38 range. Assuming the bears gain more strength, it could likely trigger the death cross and retrace to test the $17.31 support zone. Conversely, if the asset’s current price momentum reverses, the LINK price could climb to its immediate resistance at the $17.52 level. Additional bullish pressure might push the golden cross to take place and send the price above $17.60.
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