Chainlink (LINK) Under Bearish Strain As Selling Pressure Mounts
The bullish momentum in Chainlink (LINK), which spiked the asset to
$6.75 on May 18, 2023, ended on May 19. From May 19 till
date, LINK recorded a bearish pressure as the price gradually
decreased each day till May 24, when it closed at $6.33.
Currently, on May 25, 2023, Chainlink’s price stands at $6.30 on
CoinMarketCap, indicating a further decline over the past 24 hours.
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Bitcoin’ Amid Looming Bank Failures LINK Bears Dominate Market With
Strong Momentum LINK is a prominent cryptocurrency that bridges the
gap between smart contracts and real-world data. The native
token of Chainlink, LINK, has exhibited negative performance within
the last day’s trading session. Notably, the asset has been on a
downtrend in the last seven days resulting in a loss of 6.25%.
These losses suggest sellers pressure buyers beyond their capacity
to hold the price, leading to downward pressure on LINK’s price.
Investor’s market confidence was reduced, resulting in a steady
price decline over the last seven-day trading session. Based on
social sentiment indicators, CFG, Chainlink (LINK) displays a
general negative sentiment with a reading of 17.5%. This implies
negative social media conversations or a lack of enthusiasm among
investors toward LINK. Bearish Trendline Pattern LINK has been on a
bearish trendline chart pattern since April 18 till date, resulting
in a constant price decline within the context of the downward
trend. This pattern is characterized by a series of lower highs and
lower lows, indicating sustained selling pressure and a lack of
bullish momentum. Traders and investors may interpret this
pattern as a signal to anticipate further price declines and
consider strategies that align with a bearish market outlook.
Related Reading: Bitcoin Bears Aim Big After Recent Breakdown Below
$26,500 Due to increased selling pressure, LINK has broken through
the first primary support level of $6.2 and is heading to the next
support level of $5.9. With the current bearish momentum, the asset
may soon hit this support in the short term. LINK Technical
Analysis Using Indicators LINK’s trading chart for May 25 shows
that the asset’s market trend is bearish. The asset trades below
the 200-Day And 50-Day Simple Moving Averages (SMA), suggesting a
bearish market sentiment. This indicates that LINK will experience
a bearish momentum both in the long and short-term trends.
Investors may see this as an opportunity to take profits, which
will cause a further price decline. The Relative Strength Index
(RSI) of LINK currently stands at 37.73, indicating a neutral
market. However, the trend line is moving downwards, suggesting an
increase in bearish momentum. It is worth noting that an RSI below
30 signifies strong selling pressure, indicating that bears control
the market, whereas a level beyond 70 suggests bulls dominate.
Lastly, the Moving Average Convergence/Divergence (MACD) trading
below the signal line confirms the bearish moves present in the
market. This indicator suggests a high bearish momentum in the
market, just like the RSI depicts. Featured image from Pixabay and
chart from Tradingview.com
から 8 2023 まで 9 2023
から 9 2022 まで 9 2023