CandleFocus Chainlink Signals Deeper Losses: Can Bulls Stage A Comeback?
2024-09-18
Author: Content Editor
The price of Chainlink (LINK) is currently experiencing bearish pressure and is potentially moving towards further downside. Bears have regained control after a period of consolidation, pushing the price closer to the $9.28 support level. However, there is still a possibility of a bullish comeback with fluctuating market sentiment. Key technical indicators, such as the 4-hour chart and the Relative Strength Index (RSI), suggest that LINK could face further declines if bearish momentum intensifies. On the daily chart, LINK is making a bearish movement below the 100-day Simple Moving Average, indicating strong selling pressure and negative market sentiment. The 1-day RSI also reflects increasing pessimistic pressure. If LINK fails to hold the $9.28 support level, the price could continue to decline and potentially test lower support levels. Conversely, if LINK manages to hold above this support level, it could lead to a potential upward move towards resistance levels at $11.10 and $12.44, with the possibility of further gains.
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