The price of Chainlink faces pressure amid bearish sentiments triggered by recent events in the altcoin market. We explore the current state and potential changes in trend.
Current State of the Chainlink Market
Chainlink's price struggles to attract buyers, with significant long position liquidations exacerbating bearish pressure over the past 24 hours. Data from Coinglass reveals that out of $2.76 million LINK transactions, $2.72 million were long liquidations. Sellers liquidated approximately $42.7K worth of positions. According to IntoTheBlock, Netflow remains above the midline, indicating strong inflows exceeding outflows.
Price Movement Forecasts
Under current conditions, LINK's price trends lean towards a downward correction. The long/short ratio at 0.7969 indicates that 56% of positions anticipate a price decline for LINK.
Potential Support and Resistance Levels
Chainlink's price recently dipped below the $17 mark and continues to fall. It is currently trading at $16.24, down 7.31% in the past 24 hours. If the decline persists below $15.5, stop-loss orders might trigger another wave of long-liquidations.
Currently, Chainlink is under significant seller pressure, with further price corrections downward anticipated. A possibility of a rebound may occur if the price holds above $15.5.
