Internet Computer (ICP), Chainlink (LINK), and Optimism (OP) Struggle Amid Bearish Market Conditions

Internet Computer (ICP), Chainlink (LINK), and Optimism (OP) have all taken a hit lately, with their prices moving downwards, reflecting wider market trends and how investors are feeling.

Internet Computer (ICP), Chainlink (LINK), and Optimism (OP) have all seen their prices decline in recent times, with a drop in their value against the 24-hour opening. These cryptocurrencies have faced selling pressure, which is evident in their price movements and trading activity.

ICP’s price quickly dropped from $6.81 to reach $6.06 within 24 hours, showing a 10.99% decrease. This highlights strong selling activity, especially after the token’s recent rally.

ICP’s market capitalization currently stands at $2.91 billion, and the 24-hour trading volume has surged by 87.69%, reaching $151.41 million, indicating a high level of trading activity despite the price decline.

The $6.00 price level serves as a critical support zone for ICP. If the price falls below this level, it could continue to decline towards $5.80 and a historically strong support level at $5.50.

On the other hand, if the price attempts to recover, it may encounter resistance around $6.20, followed by stronger resistance at $6.40 and $6.80. A breakout above these resistance levels could signal a potential reversal in the downtrend.

Chainlink (LINK) has also experienced a notable decline, falling from $16.67 to $14.72, reflecting an 11.75% decrease. This drop comes after a recent rally that saw LINK reach highs of $17.

The cryptocurrency’s market capitalization has decreased to $9.39 billion, and the 24-hour trading volume has surged by 201.57%, reaching $1.01 billion. This surge suggests significant sell-offs and profit-taking among investors.

The closest support level for LINK is at $14.50, which could provide some stability to the price decline. If this level fails to hold, the next levels to watch are $14.00 and $13.50, where more buyers may step in.

If the price attempts to recover, $15.20 is the first resistance it will face, followed by more challenges at $15.80 and $16.67. A breakout above these resistance levels could signal a return of buyers and a potential uptrend.

Optimism (OP) has also faced a substantial decline, dropping from $1.0982 to reach $0.9688, reflecting an 11.78% decrease. This drop comes after a recent rally that saw OP reach highs of $1.14.

The current market value is $1.57 billion, and the 24-hour trading volume has increased sharply by 67.44%, reaching $321.71 million. This shows that even though the price is falling, people are still trading it a lot.

Support at $0.95 is crucial in stabilizing the price. If it fails, the next levels to watch are $0.92 and $0.90. On the resistance side, OP needs to reclaim $1.00 to show signs of recovery. Further resistance at $1.05 and $1.10 will determine whether the asset can regain strength in the short term.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice and does not advocate for the purchase or sale of any cryptocurrency, security, or investment. Coin Edition urges its readers to conduct thorough research, consult a qualified financial adviser, and exercise caution before making any related transactions.