Chainlink Suffers 40% Loss In Last 7 Days – Can LINK Regain $9 Mark This Week?
November 15 2022 - 7:33AM
NEWSBTC
Chainlink (LINK) managed to trim its losses after it made a bounce
back despite the continuing uncertainty in the crypto market caused
by Bitcoin and Ethereum’s recent respective declines.
According to data from Coingecko, at the time of this writing, the
crypto asset is changing hands at $6.48 and has been up by 3% for
the past 24 hours. Here’s a quick glance at how LINK has been
performing this month: Chainlink relinquished the $9 territory
following the recent collapse of the crypto market LINK made a
small recovery that pushed its trading price above the $6 marker
Technical indicators point towards another bearish momentum for
LINK As it reclaimed the $6 marker, LINK was able to cut its seven
day – deficit, from 40% last week to just 26.9% over the last seven
days. It can be recalled that after climbing all the way to $9.47
on November 8, the altcoin, along with its fellow digital
currencies, suffered and plummeted all the way down to $5.69.
Currently, Chainlink ranks 23rd in terms of market capitalization,
with an overall valuation of $3.17 billion. It is one of the few
crypto assets that have tallied increase in its spot trading price.
Technical Indicators Point To Further Bearish Trend For LINK As of
this time, analysis points for LINK price leans towards the
suggestion of another challenging run for the digital asset. Its
Relative Strength Index (RSI) settled below the 50-neutral zone,
indicating that Chainlink is once again caught in a downward trend.
Source: TradingView Moreover, its Chaikin Money Flow (CMF) fell
below the 0.05 value, suggesting that there was significant capital
outflow in LINK’s market performance. Meanwhile, the crypto asset’s
OBV indicated that there is a notable level of accumulation of the
token during the period when it was trading at a narrow range since
the month of May. Over the last six months, Chainlink was able to
establish $6.3 as a steady support level. However, if the broader
crypto market fails to make a bounce back soon, the asset could be
looking at a decline below the $5.9 marker. Traders who are looking
to take advantage of the current dip could test to buy between the
$6.3 and $5.9 levels and try to make profit via the mid-range and
high-range highs. Chainlink Holders Sustain Heavy Losses It turned
out that Chainlink holders got worried when the asset experienced
severe price correction as it abandoned the $9 marker. As evidenced
by the 365-Market Value to Realized Value (MVRV) that was also in
an uncontrollable freefall, LINK token owners cashed out their
holdings due to fear of tallying even bigger losses. One good thing
though for the crypto asset is its network growth metric which
recorded a huge spike that surpassed the levels it set in September
and October last year. Still, investors must keep in mind that if
Bitcoin continues to falter and thus fails to push its price to
higher levels, there’s a big chance that LINK and other altcoins
will keep on struggling. LINK total market cap at $3.17 billion on
the daily chart | Featured image from Watcher Guru, Chart:
TradingView.com
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