With the neutral sentiment lingering in the crypto market, both red and green waves are bothering the tokens. Some of them are attempting to escape the bear’s hold, and a few are hanging within their former lows. Among the assets, Chainlink (LINK) has registered a 0.28% spike in value.
Meanwhile, the asset’s low and high trading range of the day were noted at $13.06 and $13.41, respectively. At the time of writing, Chainlink trades at the $13.15 level, with its daily trading volume having plunged by 28.63% to $403.58 million. Also, the LINK market saw $355.28K liquidation.
Over the past week, whales have offloaded more than 2 million LINK. The large holders are gradually reducing their Chainlink positions. Moreover, this could likely signal profit-taking or a shift in sentiment among major investors, which may impact the short-term price momentum.
Chainlink Under Pressure: Will the Downtrend Persist?
LINK’s price could retrace to the $13.09 support level with the bearish shift. If the ongoing momentum strengthens, the bears may sharply push the asset’s price toward $13.03 or even lower. Assuming a bullish reversal, it might climb to the resistance at the $13.21 range. An extended gain could likely trigger the bulls to push the Chainlink price to rise higher above $13.27.
When the MACD and signal lines of Chainlink cross below the zero line, it implies the strengthening of the bearish trend. This negative momentum will stay until it shifts back above zero. Besides, the Chaikin Money Flow (CMF) indicator is at 0.05 points toward slight buying pressure in the LINK market. The money is flowing into the asset, but momentum is not strong yet.
Furthermore, the current sentiment is neutral-to-slightly bearish as the RSI is at 44.66. Chainlink is not oversold, and it shifts bullish if the value rises above 50, or weakens if it drifts below 30. LINK’s BBP reading of -0.11 hints at slight bearish dominance. The price is trading below, and the momentum is weak on both sides, which is seen before a potential shift.
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