Despite continued uncertainty in the crypto market due to the recent respective declines of Bitcoin and Ethereum, Chainlink (LINK) managed to cut its losses.
according to the data of koingecoAt the time of this writing, the crypto asset is changing hands at $6.48 and is up 3% over the past 24 hours.
Here’s a look at how LINK is performing this month:
- Chainlink relinquishes the $9 area after the recent collapse of the crypto market
- LINK made a minor recovery which pushed its trading price above the $6 marker
- Technical Indicators LINK . point to another bearish momentum for
As it reclaimed the $6 marker, LINK was able to reduce its seven-day losses from 40% in the previous week to just 26.9% in the last seven days.
It may be recalled that after climbing to $9.47 on 8 November, the altcoin, along with its fellow digital currencies, suffered and fall All the way up to $5.69.
Currently, Chainlink 23. is on the rankthird In terms of market capitalization, the total valuation stands at $3.17 billion. It is one of the few crypto assets whose spot trading has increased in value.
Technical indicators point to further bearish trend for LINK
As of this time, the analysis point for the link price is . lean towards the suggestion of Another Challenging Run for digital assets.
Its relative strength index (RSI) dropped below the 50-neutral zone, indicating that Chainlink is once again on the downside.
Furthermore, its Chaikin Money Flow (CMF) fell below the 0.05 value, indicating that LINK’s market performance had significant capital outflows.
Meanwhile, the OBV of the crypto asset indicates a noteworthy level collection of tokens During the period when it was trading in a narrow range since the month of May.
Over the past six months, Chainlink was able to establish $6.3 as a stable support level. However, if the broader cryptocurrency market fails to rally soon, the asset could drop below the $5.9 marker.
Traders looking to take advantage of the current decline can test it for buying between the $6.3 and $5.9 levels and try to make gains through the mid-range and higher-range highs.
Chainlink holders suffer huge losses
It turns out that Chainlink holders became concerned when the asset experienced a serious price correction when it left the $9 marker.
As evidenced by the 365-Market Value to Realized Value (MVRV), which was also in an uncontrollable freefall, LINK token owners cashed in on their holdings for fear of matching even bigger losses.
However, one good thing for the crypto asset is its network growth metrics, which registered a huge increase, surpassing the levels set in September and October last year.
Nevertheless, investors should keep in mind that if Bitcoin continues to falter and thus fails to propel its price higher, there is a high chance that LINK and other altcoins will continue to struggle.
LINK total market cap at $3.17 billion on the daily chart | Featured image from Watcher Guru, Chart: TradingView.com
Credit : www.newsbtc.com