As we anticipated earlier, the recent rebound was only temporary. The price failed to surpass the resistance at $21.00, causing Chainlink (LINK) to return to its downward trajectory amid a wave of selling hitting the digital market.
The price is currently trading at $18.49 after breaking support at $18.87, while the 7 and 25-day exponential moving averages are turning into resistance pushing the price downwards.
The 200 SMA at $17.46 is the last line of defense before a further decline.
🔸 Technical indicators:
Relative Strength Index (RSI): at 29.6 — in the oversold territory.
MACD: confirmed sell signal.
Momentum: negative, confirming continued selling pressure.
🔸 General situation:
The market is in a state of fear (42), and the overall trend is bearish.
Breaking the level of $17.00 could push the price towards $16.00.
LINK
12.23
-5.34%