All the new cryptocurrencies emerged this year. Chainlink [LINK] and Polkadot [DOT] climbed up the crypto ladder in terms of market cap as well as price. While BTC slumped down to $31,734, ETH and other coins followed suit. XRP, made way for DOT as its market cap preceded to $15 million. XRP during the time of writing was down to $0.26. ETH and DOT were dipping down by 10% in the last 24-hours. The overall market cap of the crypto-verse was also on a downhill journey as it was seen at $931.44 billion from a high of $1.6 trillion.
Chainlink [LINK], at the time of writing, was depleting down to $22.28 with a 24-hour price change of a negative 9.11%. The market cap of the seventh-largest coin was at $8.99 billion, ahead of prominent cryptocurrencies like Litecoin, Bitcoin Cash as well as Binance Coin.
Chainlink [LINK] One-Hour Price Chart
The one-hour price chart of Chainlink on Binance affirmed that the bulls were still in its market. While the volume in the LINK market was mediocre, the daily moving average indicator formed a bullish crossover. The 50 daily moving average [blue] was above the 100 daily moving average [red].
This was quite surprising as the other indicators were revealing contradicting sentiments.
Chainlink [LINK] Price Chart With Indicators
The bears had infiltrated the LINK market. The Parabolic SAR indicator had been exhibiting a bearish sentiment for quite a while now, with an array of fluctuations. The indicator had set up dotted lines above the candlesticks with hindering the chances of an upward breakout. The MACD indicator had undergone a bearish crossover. Earlier today, the signal line took over the MACD line demonstrating a bearish sentiment.
The Money Flow Index indicator revealed that the LINK market was in the oversold zone. If the bears continue to reign the LINK market, the asset could drop down below $20.