While the entire crypto-verse was enduring a slump only few coins like Chainlink [LINK] and Solana [SOL] managed to steer away from the bear and decided clung on to the bull. Painted in red, the crypto market was seen losing out on all the recently amassed gains.
Bitcoin [BTC] dipped to $38K after recently moving across $40K. This move certainly disappointed an array of BTC investors who hoped the asset would aim for $50K. Ethereum [ETH] held on to the $2K level, however, the largest altcoin was observed hoarding a 3.34% drop over the last 24-hours. Almost all the top ten coins on CoinMarketCap’s list were seen plummeting by at least 3%.
During the same time, Chainlink was taking out the last of its profits from the bulls. At the time of writing, the altcoin was trading for $22.97 with a 1.88% surge over the last 24-hours. Even if this rise was dainty, when compared to other assets, Chainlink proved to be doing much better.
Additionally, the market cap of the altcoin was at $10.02 billion which helped the coin remain in the 12th rank.
Chainlink [LINK] one-hour price chart on Binance
The short-term price chart of LINK revealed that the altcoin was no different than the other assets. Chainlink was headed towards the bearish realm along with all the other assets. The Awesome Oscillator indicator noticed a reversal in trend. Red closing bars were formed by the indicator which further alerted the presence of the bears in the LINK market.
The Chaikin Money Flow [CMF] indicator did not wait for anyone. The CMF marker took a plunge below the zero median which indicated a bearish momentum in the LINK market. This was followed by the Relative Strength Index [RSI] that was revealing a contradicting notion. The RSI marker was moving from the sellers’ zone onto the buyers’ arena over the 50 median. This sort of sentiment amidst a bearish cycle was not anticipated.