LINK Facing Bullish and Bearish Pressure
- Chainlink has dropped by 5.25% after forming a bearish pattern near the 200-day exponential moving average and the descending trendline.
- A clear breakout above $16 is needed to change the dynamics. Currently, the downside risks remain high.
Over the past 24 hours, LINK has fallen by 5.25%. It is trading around $14.40 at the time of writing this article. On-chain data reveals a 13% decrease in daily active addresses, indicating declining user activity. Short position bets have also increased, suggesting that traders and investors could be anticipating a bearish trend.
The major liquidation levels are at $14.25 on the downside (support) and $15.77 on the upside (resistance). If the sentiment remains unchanged and the price continues to drop towards $14.25, close to $2.90 million worth of long positions will be liquidated. Conversely, if the price reaches $15.77, approximately $15.37 million worth of short positions will be liquidated.
Key Levels for Chainlink to Watch
Technically, Chainlink has faced consecutive rejections at the level of the descending trendline and the 200-day exponential moving average. Each rally towards these areas has triggered significant selling, forming a series of lower highs.
If LINK fails to turn $15.77 into support, another 10% decline could push the altcoin towards $12.70. Monitoring these key levels is crucial for crypto traders paying attention to market signals. If you want to buy LINK, here’s how to do it on Bitget:
- Create an account on Bitget by signing up with an email address and completing KYC verification.
- Deposit funds via credit card, bank transfer, or by transferring cryptos.
- Search for LINK/USDT in the Spot or Futures section.
- Place your buy order according to your strategy (market, limit, futures).
- Confirm the transaction and find your tokens directly in your account.
