The cryptocurrency market is experiencing a downturn, and some coins, like Hedera and Chainlink, are facing increased pressure due to weakening key support levels.
Crypto Market Situation
Recently, cryptocurrencies such as Hedera (HBAR) and Chainlink (LINK) have shown a decline of about 15% over 24 hours. This raises concerns about a continued downtrend in the market.
Hedera and Price Support
HBAR price has been consolidating since December 4 within a range of $0.39 to $0.23. However, the price broke the $0.23 support, reaching $0.17. Although some recovery is seen, it is crucial for the daily candle to close above the support to continue consolidation. Falling below $0.23 could lead to a decline to $0.17.
Chainlink and Descending Triangle
Chainlink is also under pressure, trading within a descending triangle with support at $19.3. At the time of writing, price is moving below this level. A close within the triangle could propel the price towards its top, but a close below $19 might trigger a bearish continuation.
The cryptocurrency market is volatile, and the price decline in Hedera and Chainlink amplifies concerns. It is important for investors to monitor the situation and consider potential risks.
