Chainlink At Risk: Key Indicators Signal Further Losses To $12

Name	Symbol	Market	Market Cap ($)	Algorithm
ChainLink Token	LINKUSD	Crypto	7,197,845,648	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

ChainLink Token

LINKUSD

Crypto

7,197,845,648

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.510	-3.98%	12.31	12.30	12.31

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.510

-3.98%

12.31

12.30

12.31

High Price	Low Price	Open Price	Prev. Close	52 Week Range
13.09	12.12	12.86	12.82	5.74 - 22.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

13.09

12.12

12.86

12.82

5.74 - 22.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:10:13	110.74	12.31	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:10:13

110.74

12.31

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,690,552.42	847,922.00	LINK	LINKEUR	LINKGBP	LINKBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,690,552.42

847,922.00

Chainlink At Risk: Key Indicators Signal Further Losses To $12

01/08/2024 5:00pm

NEWSBTC

Chainlink (LINK), one of the major players in the decentralized finance space, is currently facing increased bearish pressure in the market. As LINK’s bearish momentum continues to build, key technical indicators are signaling the potential for further loss toward the critical support level at $12 for the cryptocurrency. With this current price movement, Chainlink could continue to decline, testing lower support levels in the near future, unless there is a significant reversal in market sentiment. This article provides an in-depth analysis by evaluating the current market sentiment around Chainlink, examining key technical indicators, and identifying critical support levels along with their implications for LINK’s price stability. As of the time of writing, it had a market capitalization of over $7.7 billion and a trading volume of over $243 million.LINK was down by 3.75%, trading at around $12.82. In the last 24 hours, both the asset’s market cap and trading volume have declined by 3.72 and 1.67, respectively. Assessing Current Market Sentiment Around Chainlink Considering the asset’s price movements, it seems the current market sentiment around LINK is still negative. The price, currently, is actively trading below the 100-day Simple Moving Average (SMA), heading toward the $12 mark on the 4-hour chart. This suggests that the bearish trend might continue. With more selling pressure, this position indicates that Chainlink is likely to decline further as long as it remains below the SMA. The 4-hour Relative Strength Index (RSI) signal line has successfully dropped below 50% into the oversold zone. This suggests that selling pressure is growing, and the asset might experience further downward movement towards the $12.44 level. On the 1-day chart, LINK’s market sentiment is also negative, with the price trading below the 100-day SMA. LINK is showing a bearish trend as it moves toward the $12.44 support level, having formed two bearish candlesticks. If the price breaks below this key level, it could signal further bearish momentum and potentially drive the price toward other support levels. Finally, the 1-day RSI has also dropped below 50%, which further supports the possibility of further price drop. This decline suggests that bearish pressure is rising, as sellers are still active and influential in the market. The fact that sellers are still active implies that LINK will probably continue to decline. Identifying Critical Support And Resistance Levels Chainlink is currently on a bearish path, heading toward the $12.44 support level. If the price breaks and closes below the $12.44 support level, it may continue its bearish movement toward the next support range at $11.10 and possibly even lower levels. However, if the digital asset encounters resistance at $12.44 and fails to break below, it could lead to a potential upward move, reaching the $15.25 resistance mark. Should the price rise above this level, further gains could occur, targeting the $17.96 resistance point and beyond. Featured image from YouTube, chart from Tradingview.com

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LINKUSD ChainLink Token