Chainlink Crypto: Can LINK Crypto Price Fall In A Pit Soon?

• 1 Over the past 24 hours, short positions in the LINK crypto have increased by $80.36K, while long positions have reached $1.17 Million.
• 2 The market value of Chainlink crypto has dropped by 3.83%, and the trading volume has decreased by 3.32% over the past 24 hours.

Chainlink’s primary objective is to assist developers in linking their smart contracts to reliable and secure data sources known as oracles. These oracles provide critical data for smart contracts to function effectively. The LINK token is utilized within the Chainlink network to pay for these oracle services, incentivize accurate data delivery, and reward node operators.

By ensuring a stable and trustworthy connection, Chainlink guarantees that the data utilized is always authentic and up-to-date. This enables a wide range of applications such as financial services, supply chain management, and various other use cases within a decentralized framework.

According to CoinMarketCap, the market value of Chainlink crypto totals $8,056,422,634, with a trading volume of $578,073,112. There are currently 568,099,970 LINK coins in circulation. In the last 24 hours, the market value of Chainlink has dropped by 3.83% and the trading volume has decreased by 3.32%.

CoinGlass, a crypto analysis website, reports that Chainlink’s open interest stands at $202.52 Million. Open interest experienced a 3.41% decrease in the previous session. The long versus short ratio for the past 24 hours is 0.9554. In the last 24 hours, short positions increased by $80.36K, while long positions reached $1.17 Million.

Furthermore, amid a lackluster performance this month with a 4.68% decline, LINK has surged by an impressive 114.44% over the past six months. However, the year-to-date return of LINK shows a negative 5.40% decrease.

Technical Overview of Chainlink Crypto on the Daily Time Frame

The LINK crypto chart currently exhibits bearish characteristics and is expected to experience further decline. In the chart, the price is trapped in a range-bound situation and is facing rejection from a supply region, signaling a poor weekly outlook.

At present, the LINK price is situated in the lower band of the parallel channel and appears to be preparing for a steep fall. Moreover, in the last 24 hours, the LINK crypto has witnessed a 0.42% drop, with the price listed at $14.88 at the time of writing.

Strong resistance has prevented the LINK price from surpassing the $17 level on the chart, indicating a potential sharp decline if the price fails to sustain at the immediate level, possibly falling to $11.

However, if demand for LINK increases, the asset price could bounce back from the current level within the lower band. In this case, the next target for the LINK price would be to reach $20.

Overall, the technical indicators on the chart suggest a negative outlook for future sessions, as the RSI, EMAs, and MACD all point towards a potential decline.

Summary

The LINK crypto asset demonstrates bearish qualities and may experience further decline. The price appears trapped in a range-bound situation and has faced rejection from the supply region, resulting in a poor weekly outlook.

Therefore, if the price fails to sustain at the immediate level, a decline to the $11 mark becomes highly likely.

Technical Levels

Support Levels: $11

Resistance Levels: $20

Disclaimer

The views and opinions expressed in this article, by the author or any individuals mentioned, are for informational purposes only and do not constitute investment, financial, or any other form of advice. Trading or investing in cryptocurrency assets carries the risk of financial loss.