CandleFocus Chainlink (LINK) Hype Might Be Overrated, $8 Still in Sight
2024-09-10
Author: Content Editor
The crypto asset Chainlink (LINK) has seen an increase in social dominance, indicating increased attention from the market. However, this is accompanied by weakening buying pressure, suggesting a possible bearish trend. The number of addresses holding LINK has been declining, while its price has decreased by 16% since August 26. While the increase in social dominance and decrease in holders could be a bullish signal if markets stabilize, a bearish divergence on the price chart counters this outlook. The Chaikin Money Flow indicator also suggests weakening volume and money flow supporting the price increase, potentially leading to a decline. If the uptrend is reversed, LINK's price could fall back to the $10.25 support level and potentially drop further to $8.08. However, if the uptrend is maintained, it could rally to $11.24, invalidating the bearish projection.
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