CandleFocus LINK Struggles Below Key Levels as Bulls Dominate Crypto Market
2024-12-17
Author: Content Editor
Chainlink (LINK) has experienced a 6.03% decline in the last 24 hours, trading at $28.03. Its market cap has also declined by 3.67% to $17.76 billion. However, trading volume increased slightly by 0.96% to $1.75 billion. Despite recent integrations and enhancements to security and transparency, LINK faces bearish sentiment due to broader market weakness. The resistance level is at $30, and if LINK fails to break this level and falls below the immediate support at $24, it could potentially drop to $22. Technical indicators, such as the moving averages and the Relative Strength Index (RSI), suggest a potential bearish trend. The collaboration with Hedera improves long-term fundamentals, but market sentiment remains cautious. Traders should monitor moving average crossovers and declining RSI levels for further confirmation of a bearish trend. Short-term recovery relies on maintaining critical support zones and regaining buying control.
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