Will LINK Secure It Brick by Brick or at Breakneck Speed?

• Chainlink is currently trading around the $24 mark.
• LINK’s daily trading volume has dropped by over 24%.

As the crypto market loses momentum, the Fear and Greed Index value sits at 45, in the neutral phase. The majority of the assets see red candlestick lighted up, shedding the recent gains. Assets like Bitcoin and Ethereum joined the line, trading on the downside. Meanwhile, checking on the altcoin pack, Chainlink (LINK) has posted a spike of over 0.9%. 

In the early hours, with the bullish power, LINK climbed to a daily high range of $24.88. Later, the asset began to slip as the bears took command, to its low of around $23.41. Breaking through the resistances between $23.46 and $24.48, at the time of writing, Chainlink traded within the $24.53 range.  

With the asset’s market cap at $16.57 billion, its daily trading volume has plunged by 24.26%, reaching the $2.2 billion mark. During the last 24 hours, the market has experienced an event of $5.61 million worth of LINK liquidation, as reported by the Coinglass data. 

Additionally, the Ali chart exhibits a sharp spike in positive social media sentiment toward Chainlink, which repeatedly coincided with its price, followed by steep corrections of -57%, -37%, and -49%. This signals that the excessive hype precedes major pullbacks. 

Is the Downtrend Here to Stay for Chainlink?

While assuming the downtrend to reinforce, the Chainlink price might drop and test the immediate support at the $24.46 mark. A decisive breakdown below this range could send the asset toward $24.39 or lower, with the death cross formation. On the upside, the asset might propel the price up, setting a stage for finding the initial resistance at $24.60. With the stable bullish price trajectory, Chainlink could likely climb to the subsequent resistance at $24.67. 

Chainlink’s Moving Average Convergence Divergence (MACD) line is settled below the signal line, pointing at the bearish outlook. It may push the price more into the weak phase. Besides, the Chaikin Money Flow (CMF) indicator positioned at 0.01 is close to neutral, but slightly positive. It hints at light buying pressure, and the inflows are just way stronger than outflows. The LINK market is not showing a strong direction from either buyers or sellers. 

Moreover, the asset is in the neutral zone, with the daily Relative Strength Index (RSI) found at 54.20. The LINK momentum is slightly tilted toward the bullish side, but not strong enough to indicate an uptrend—neither overbought nor oversold. Chainlink’s Bull Bear Power (BBP) value of 0.14 is slightly positive, suggesting that the bulls have an edge over bears, but the strength is weak. Also, the price action may be showing an early bullish pressure.

Highlighted Crypto News

ETH in a Tug of War: Will Ethereum Defy Gravity or Slip Through the $4K Trapdoor?