Chainlink Plummets Amidst Sell-Off Pressure, Eyes Deeper Losses

Chainlink's price has been in a steady decline since rejecting the $18.3 level, with no significant support from buyers. The bears are currently in control, targeting the $16.27 support level. If this level is breached, the next potential support areas are $15.7 and $15.1. Rejection of the $16.27 support could lead to a slight bounce, while resistance levels to watch for selling opportunities include $17.4, $18.2, and $19.3. Current price: $17.16; Trend: Bearish.

Chainlink Faces Intensified Sell-Off Pressure, Threatening Deeper Decline

Chainlink (LINK), a leading decentralized oracle network, has witnessed a significant pullback in recent days, exhibiting a lack of support from buyers. The price has been steadily declining since it was rejected at the $18.3 resistance level, resulting in an approximate 10% loss over the course of the week.

The bearish sentiment has been exacerbated this week as bears have tightened their grip on the market, accumulating a total of 20% losses in the past month. While yesterday provided a temporary respite from the sell-off, the bears have regained momentum, pushing the price lower.

Technical analysis indicates that a substantial sell-off may be imminent. On the daily chart, a new sell order from a lower timeframe suggests that the bears are preparing for a major move. If they intensify their pressure, they could swiftly penetrate March's low, confirming a break of the current support structure.

A retest of March's low could trigger a more significant downward movement. Alternatively, a steady sell-off could create a gap in the market, which is likely to be revisited once selling exhaustion sets in.

However, a liquidity sweep at March's low could potentially invite bulls back into the market, leading to a substantial upswing. Conversely, if bulls fail to regain control, the asset may continue to decline until it finds a solid support level from which to launch a new rally. As it stands, the bears remain in firm command.

Key Levels for LINK

Bears are currently targeting the $16.27 support level, which corresponds to March's low. If this level is breached, the next areas of interest will be $15.7 and $15.1, where LINK initiated a surge in February.

A rebound from March's low could indicate a temporary surge before the bears reassess their strategy. The nearest resistance level for potential selling opportunities is $17.4. Significantly higher resistance levels to monitor are $18.2 and $19.3.

Resistance Levels:

• $17.4
• $18.2
• $19.3

Support Levels:

• $16.27
• $15.7
• $15.1

Current Price:

$17.16

Trend:

Bearish

Volatility:

High

Disclaimer:

This article is not intended as financial advice. Conduct thorough research before purchasing any cryptocurrency or investing in any services.

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