Recent declines in the crypto market have affected most altcoins, including Chainlink, which lost over 3% in 24 hours.
General Trends in the Crypto Market
The overall condition of the crypto market has worsened with a 1.49% drop in capitalization, negatively affecting the prices of most altcoins. Chainlink (LINK) reflected this trend, decreasing by 3.26% over the past 24 hours.
Price Dynamics of Chainlink (LINK)
At the start of the day, Chainlink's price hovered around $14.14, but soon dropped to a minimum of $13.20. At the time of writing, LINK was priced at $13.23, with a market capitalization of $8.69 billion. Additionally, daily trading volume surged by over 80.10%, reaching $472 million.
Future Prospects for Chainlink
The four-hour chart reveals a clear downtrend, with the price potentially slipping to the $13.15 range. A positive move above $13.31 could lead to testing the crucial resistance level at $13.40. Indicators like the MACD show strengthening downward momentum, while the relative strength index (RSI) indicates a neutral-to-bearish sentiment in the market.
The market situation remains tense, and Chainlink continues to struggle with declining prices. Investors should closely monitor developments and prepare for potential changes.
