Chainlink – What LINK’s latest breaches tell us about its reversal odds
The post Chainlink – What LINK’s latest breaches tell us about its reversal odds appeared on BitcoinEthereumNews.com.
Traders have taken short positions against LINK At press time, LINK was trading in the negative for the third straight day Chainlink is experiencing one of its most challenging periods in recent months, having breached several critical support levels in the last 24 hours. This downturn in price has significantly impacted market sentiment, leading to a shift where sellers are now dominating the market. Over the long term, this could mean a sustained period of bearish pressure and potentially more downward movement in LINK’s price. Chainlink breaks support The price trend for Chainlink (LINK) has been southbound over the past three days. In fact, according to an analysis from AMBCrypto, the decline began on 3 June with a 5.70% drop, bringing the price to around $13.5. The following day, the altcoin recorded a further 7.66% deline, lowering its price to approximately $12.5. At press time, it was trading at around $12 after an additional decline of over 4%. The analysis also highlighted a significant shift in Chainlink’s technical indicators. The long and short moving averages, represented by yellow and blue lines, respectively, flipped from support to resistance levels. These resistance levels are now at the price levels of $15.6 and $16.2. Source: TradingView Additionally, the altcoin’s former support levels at around $13.8 and $12.8 turned to become resistance levels, due to the crypto’s recent depreciation. These findings pointed to a recent hike in selling pressure across LINK’s market, something that might stop the altcoin from noting a trend reversal. Sellers take charge of LINK’s market An analysis of the weighted funding rate on Coinglass revealed a notable shift over the last 24 hours. As trading closed on 4 July, the funding rate significantly dropped to about 0.0016%. This suggested that while there was a decline, buyers’ interest remained as the…
Filed under: News - @ July 6, 2024 7:12 pm