The post Chainlink’s Price Path: Short-Term Dip with Signals of a Trend Change appeared on BitcoinEthereumNews.com.

Chainlink’s value has dropped 10% in the past three days, falling from $13.76 to $12.44 after a brief rally to $15 on July 21. The Chaikin Money Flow remains positive, but the Relative Strength Index is below 50, signaling bearish momentum. Chainlink (LINK) has witnessed a 10% decrease in its value over the past three days, falling from $13.76 to $12.44. This recent drop came after a short rally to $15 on July 21, and this has left investors apprehensive about the future of the currency. The current trend poses a question of the possibility of a bullish reversal.  Since April, Chainlink has ranged between $12. 73 and $18. 68. Early July’s bearish sentiment led to a price decline to $11.07.Current trading had the price oscillating in the range of $12. 33. Over the next few days, $12. 30 can act as a crucial support level, which may result in a price change.  Even with the recent pullback, the Chaikin Money Flow (CMF) stayed above the +0. 05 level, suggesting that buying pressure was still strong. This indicates that the general market sentiment is still relatively positive. However, the Relative Strength Index (RSI) was trading below 50, indicating a bearish momentum change Evaluating Short-Term Outlook and Market Sentiment The short-term trend of Chainlink is still bearish. In the last three days, the price of LINK has further fallen, with the Open Interest (OI) dropping from $152 million to $143. 7 million. The decrease in both price and OI indicates that traders are bearish on the asset.  There seems to be some caution among the speculators, which can be seen by their unwillingness to take long positions. The spot Cumulative Volume Delta (CVD) has also been declining, which points to low buyer interest. Also, future traders are bearish, which indicates that…

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Filed under: News - @ August 4, 2024 12:26 am