Chainlink Struggles with Bearish Trend Despite Positive News
Chainlink (LINK), the decentralized oracle network cryptocurrency, has been facing challenges lately as it grapples with a persistent bearish trend. Despite positive developments in the crypto space, LINK’s price has been on a downward trajectory and has failed to benefit from favorable news.
One such event that failed to boost LINK’s price was Swift’s successful experimentation with Chainlink. Although the interbank messaging giant conducted trials involving Chainlink, it only generated increased social volume and sentiment among traders instead of propelling LINK’s price to new heights.
Chainlink’s Short-Term Support Zone Crumbles
A new analysis of price charts reveals that LINK was unable to maintain a short-term support zone established by bullish investors last week. Over the weekend, prices declined, and bearish pressure increased, undermining the previous support.
On the 4-hour chart, a bearish order block was clearly visible around the $6.2 zone. Although LINK briefly surged past this level and retested it as support, the bulls struggled to sustain the momentum. Ultimately, persistent sell pressure pushed LINK’s value below the critical $6.2 mark.
Bearish Indicators Suggest Further Losses
Currently trading at approximately $5.91, Chainlink has experienced a 0.6% decline in the last 24 hours and a 1.2% dip over the past week. Both the price action and technical indicators indicate the possibility of further losses for LINK in the near future.
Looking at the higher timeframe price charts, the next significant support levels to watch are at $5.7 and $5. It is increasingly likely that LINK may drop to these levels in the coming days and weeks.
LINK Whales Accumulate Amid Bearish Trend
Despite the bearish sentiment, a separate report highlights a noteworthy development. Chainlink whales, who hold between 10,000 and 1,000,000 Chainlink tokens, have taken advantage of the recent dip in the asset’s price, anticipating a future recovery in its value.
This whale accumulation typically generates a positive sentiment among traders and fuels demand for LINK across various exchanges. However, it remains to be seen whether these bullish catalysts can break LINK free from its current downward trend, as social metrics continue to outshine price performance in the Chainlink ecosystem.
Hot Take: Chainlink Struggles to Reverse Bearish Trend Despite Positive Factors
Chainlink (LINK) has been facing a challenging period as it struggles to reverse its bearish trend. Despite positive news such as successful trials with Swift, LINK’s price has continued to decline. The failure to maintain a short-term support zone and bearish indicators suggest further losses in the near future.
However, there is a glimmer of hope as Chainlink whales accumulate more tokens during this bearish period. This accumulation generates a positive sentiment among traders and may fuel demand for LINK. Nonetheless, it remains uncertain whether these bullish factors can break LINK free from its downward trend, as social metrics continue to overshadow price performance in the Chainlink ecosystem.
By
By
By
By
By