The price of Chainlink (LINK) has decreased by 14% in the past week, reflecting the overall downtrend in the crypto market. This drop has caused the price of LINK to fall below key support levels, making it difficult for the cryptocurrency to regain upward momentum without new demand. Technical analysis shows that LINK is currently below its 20-day exponential moving average (EMA), indicating a short-term downward trend. Additionally, if LINK's price falls below the Ichimoku Cloud, it suggests a further bearish phase and resistance for the price to rise. The Aroon Down Line also confirms the strong downtrend of LINK. However, if buying pressure increases and LINK breaks above its Cloud and 20-day EMA, its price has the potential to climb towards $19.73.
- Content Editor ( beincrypto.com )
- 2024-10-04
Why Chainlink (LINK) May Struggle to Deliver Gains This October