Chainlink (LINK) is moving in a downward direction following the changing conditions in the crypto market. According to CoinMarketCap, the LINK price has declined by 3.49% over the last 24 hours and 1.31% over the last week.
At the time of writing, LINK is trading at $9.20, with a trading volume of $550.13 million, which has declined by 14.76% over the last 24 hours. However, its market capitalization stands at $6.68 billion, which is also down by 3.49%.
Source: CoinMarketCap
Also Read: Chainlink Explodes Toward $50 Breakout as Coinbase Sparks Massive Onchain Surge
Chainlink (LINK) Breaks Trendline, Eyes $28 Rally
Furthermore, the crypto analyst World Of Charts revealed that LINK is showing early signs of recovery after breaking above a key descending trendline that had capped its price for weeks.
This breakout suggests weakening bearish pressure and a possible shift in momentum. Traders are now watching closely as LINK attempts to build strength and confirm whether this move can sustain further upside in the short term.
Source: World Of Charts’ X Post
However, the important horizontal resistance stands directly on the way to an established move up. In case LINK is able to stage a clear breakout through this level, accompanied by decent volume, a possible rebound back towards the $28 price level may be seen. But if the resistance level prevails, sideways trading or a minor retracement might come next.
LINK Faces Pressure Blow Key Moving Averages
According to TradingView, LINK is exhibiting strong bearish momentum, with its price trading below both the 100-day and 200-day simple moving average lines.
Having experienced an enormous decline, the crypto is now struggling within a range-bound pattern, moving only within the 20-day and 50-day exponential moving averages. The bulls and bears seem to be evenly balanced.
Source: TradingView
RSI stands firm at 51.16 without showing any sign of an impulsive shift either to the upside or downside. In conjunction with the tight trading range, this indicates that the market is waiting for something to happen. In order for a strong new trend to form, a breakout of the 50-day EMA or even lower level is required.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Chainlink Breakout Momentum Builds Toward $38 Mega Target Zone
