Chainlink (LINK) Extends Downside, Losing Support at $6 – Price Analysis
Briefly
- Chainlink retained bearishness within the last 24 hours.
- The alt lost over 3% to hit the lows beneath $5.7.
- LINK has lost around 84% since its November 2021 record highs.
Chainlink flashes bearish tendencies today, with prices staying within the descending triangle formation that appeared on 8 July 2022. The past 24 hours saw LINK losing the support floor at $6, following a more than 3% dip. Moreover, the alt explored $5.7 lows, hitting areas never seen since 18 June 2021. Chainlink has dropped around 84% since the $51.52 November 2021 all-time high.
Chainlink has focused on the decentralized finance space, and its performance relies on the DeFi marketplace. The past couple of months has seen the DeFi TVL (total value locked) crashing to $73 billion from $250 billion. That saw faded volatility in LINK. The altcoin has a foothold near $5.20 after losing the $6 barrier yesterday.
The overall crypto market consolidated within the previous day. Bitcoin tried to keep its actions around the $20K vicinity. Also, Ethereum remained around $1,100, while leading alt presented mixed outcomes. Cardano lost 2% to $0.42, whereas XRP saw a slight uptick to $0.31. Dogecoin dropped 2% to $0.06 as Polkadot and Solana slumped to $6.78 and $33.79, respectively.
Chainlink 1 Day Analysis
The 24hr candle chart shows LINK price on gradual movements with a descending triangle since 8 July 2022. These moves come after stretched sideways trends after LINK failed to overcome the $6.5 level. Though the resistance at $& seems far from prevailing LINK bias, discounted prices following slumps beneath $6 might trigger buyer interest. The altcoin should target the critical 50-da EMA at $6.27, which currently caps upside movement for the token.
The daily RSI (Relative Strength Index) surged to 44.35 following declines toward the 40.11 lows. The upside RSI shows increased LINK market valuation. Combined with the 24hr trading volume increase, LINK seems ready to revive towards the $6.5 demand territory within the coming 24 hours. Furthermore, the MACD (Moving Average Convergence) curve has formed lower lows and adheres to the neutral level.
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