🔵 Chainlink ($LINK ) continues to "struggle" amidst the crypto storm!
LINK is fluctuating around 18 USD, losing more than 10% in just a few days, as the overall market is in a "red hot" state. The pessimistic sentiment is spreading, causing buying power to nearly vanish — and if the "bottom fishing" continues to be overlooked, LINK could drop deep to 15 USD.
In the derivatives market, 167 million USD in Long positions have been wiped out, while open interest (OI) has decreased to 704 million USD, indicating that cash flow is "shrinking" due to fear of risk. Technical indicators are also not very promising: LINK is below all EMA 50/100/200 lines, MACD is signaling a sell, and RSI has dropped to 38 — indicating that selling pressure remains heavy.
However, if buying power appears around the low zone, $LINK still has a chance to rebound and test back to 19–21 USD. Otherwise… then just "LINK your hope" 😅
⚠️ This article is not investment advice — just a bit of drama for a red hot morning!