Chainlink's recent price movements have raised concerns among investors as it falls below crucial trendlines, suggesting the possibility of further declines. The cryptocurrency is currently facing significant selling pressure, which could lead to more losses if key support levels are breached. The report expresses concern that this trend may continue if market conditions do not improve.
Current Price and Market Performance
As of now, LINK is trading at $12.26, marking a decline of over 5% in the last 24 hours and a staggering drop of more than 14% over the past week. This downward trend is further emphasized by the price falling below its 9-day simple moving average, indicating a sustained bearish sentiment in the market.
Analysts' Warning and Support Levels
Analysts warn that if Chainlink fails to maintain its position above the critical support level of $12.25, it could face a further decline towards support levels at:
- $9.96
- $7.73
Investors are advised to monitor these levels closely as the market dynamics continue to evolve.
While Chainlink faces selling pressure and potential declines, Ethereum has recently surged after breaking a crucial resistance level. For more details, see the full article here.
