A bearish notion had struck the crypto-verse. All the assets were enduring a downtrend. Chainlink [LINK], Litecoin [LTC], Uniswap, and a few other assets beyond the top 10 were seen witnessing immense damage. Bitcoin [BTC] took a massive step back as the asset dropped to a low of $60K. While the community was rooting for $70K, the king coin dipped all the way down to $60K.
Polkadot [DOT] noted double-digit loss. This alarmingly red sentiment in the market sent investors into a state of angst.
Just a couple of days ago, the market cap of the crypto-verse was aiming for $3 trillion, however, a bearish storm shattered these efforts.
Chainlink [LINK] gained quite the popularity back in 2020. But, with the emergence of other new assets, LINK was sidelined. The altcoin’s price change was lauded by many. Even now, LINK managed to stay close to $30 despite encountering an 11% price drop over the last 24-hours. At the time of writing, LINK was trading for $30.01 with an 11.47% daily decline.
From relaxing in the top 10, Chainlink dived down several spots as the year progressed. The altcoin slipped all the way down to the 16th spot while its market cap was recorded at $13.9 billion.
Chainlink [LINK] one-hour price chart on Binance
A reversal in trend? A battle between the bull and the bear? Or a downtrend in the marking? A set of mixed emotions were fueling the one-hour price chart of Chainlink. The Parabolic SAR indicator formed dotted lines above the price candles and reduced the chances of a bullish invasion.
The Awesome Oscillator indicator formed green closing bars further announcing the presence of the bulls in the market. However, the selling activity in the LINK market preceded the buying activity further affirming the bearish notion in the market.
In fact, the Relative Strength Index [RSI] indicator pointed out that the altcoin was being oversold.