Chainlink (LINK) Stays Beyond $13.72 Lower Trend-line amid Bearish Conditions

  • Chainlink’s price lost 5% to the lows of $14.49 during the previous day’s session.
  • Market cap declined by 4%, whereas trading volume surged 15%.
  • LINK steadies beyond the $13.72 bottom trend-line, suggesting potential breakouts.

Chainlink’s price still reveals bearish signals as the token lost another 5% within the past 24hrs, hitting the lows of $14.49. Meanwhile, the recent drop that began on 10 February had LINK losing over 23% and continued to plunge. The day’s trade has LINK market capitalization on a 4% decline, whereas trading volume gained 15% to authorize the token’s bearish outlook.

Chainlink’s price has lost over 60% since 2021 November. Experts attribute the losses to the broad crypto market challenges and substantial losses that LINK investors incurred over the previous two months.

Daily active users also saw a massive drop, from about 16K at the record highs to 2.2 lows by mid-January. Nevertheless, LINK’s price still stays beyond the lower trend-line of $13.72. Moreover, potential breakouts dominate if the token recovers from the current fall.

Meanwhile, the overall market saw slight upticks over the past hours. Bitcoin noted a leg-up past the $39K value area. BTC’s upswings had the market on headway. Ethereum gained 4% to $2,740 as the alt market displayed positive actions. Dogecoin and Cardano gained 2% and 3%, respectively. Meanwhile, XRP surged 1%. Meanwhile, Solana (9%) and LUNA (7%) led the gainers.

24Hr Timeframe

The 24hr candle chart shows potential revival from the current dip. However, Chainlink had to maintain beyond $13.72 for the optimistic case to play out. The Relative Strength Index displays positive actions, staying above the 40-level.

LINK price still stays beneath the critical 25- and 50-day EMAs around $15.69, and buyers need to prepare for consolidation actions after surging past this level. The MACD continues to highlight bearish gestures that might shift with a price move past the demand territory of $15.

Technical indicators on LINK’s daily chart appear promising enough to trigger breakouts early this week. Buyers may look to execute buy-stop orders beyond $15 and book profits around the $18 level. Contrarily, a stop-loss case will appear near the bottom trend-line of $13.72. Any actions beneath this mark might trigger further declines for LINK.