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The bullish momentum in Chainlink (LINK), which propelled the asset to $6.75 on May 18, 2023, ended on May 19. From May 19 until today, LINK registered bearish pressure as the price gradually declined every day until May 24 when it closed at $6.33.
Currently, on May 25, 2023, Chainlink’s price on CoinMarketCap is $6.30, indicating further declines over the last 24 hours.
LINK bears dominate the market with strong momentum
LINK is a famous cryptocurrency that bridges the gap between smart contracts and real data. Chainlink’s native token, LINK, has shown negative performance during the last day’s trading session. Notably, over the past seven days, the asset has been in a downtrend, resulting in a loss of 6.25%.
These losses suggest that sellers are putting pressure on buyers beyond their ability to hold the price, resulting in downward pressure on LINK’s price. Investor confidence in the market has declined, leading to a steady decline in prices during the last seven-day trading session.
Based on the CFG Social Sentiment Indicators, Chainlink (LINK) has an overall negative sentiment score of 17.5%. This implies negative social media conversations or a lack of investor enthusiasm for LINK.
Bearish trend line pattern
LINK has been on a bearish trend line chart since April 18 to present, resulting in a continuous price decline in the context of a downtrend.
This pattern is characterized by a series of lower highs and lower lows, indicating sustained selling pressure and lack of bullish momentum. Traders and investors may interpret this pattern as a signal to expect further price declines and consider strategies in line with the bearish market outlook.
Due to increased selling pressure, LINK has broken through the first major support at $6.2 and is moving towards the next support at $5.9. With the current bearish momentum, the asset may soon reach this support in the short term.
LINK on the chart goes down l LINKUSDT on Tradingview.com
LINK Technical analysis using indicators
The May 25 LINK trading chart shows that the market trend of the asset is bearish. The asset is trading below the 200-day and 50-day simple moving average (SMA), indicating bearish market sentiment.
This indicates that LINK will experience bearish momentum in both the long and short term. Investors may see this as an opportunity to take profits, leading to further price declines.
The LINK Relative Strength Index (RSI) is currently at 37.73, indicating a neutral market. However, the trend line is moving down, which indicates an increase in bearish momentum. It is worth noting that an RSI below 30 means strong selling pressure, indicating that the bears are in control of the market, while a level above 70 suggests that the bulls are dominating.
Finally, the convergence/divergence of moving averages (MACD) trading below the signal line confirms the presence of bearish movements in the market. This indicator suggests high bearish momentum in the market as shown by the RSI.
Featured image from Pixabay and chart from Tradingview.com
Reading 3 min Views 3 Published Updated
The bullish momentum in Chainlink (LINK), which propelled the asset to $6.75 on May 18, 2023, ended on May 19. From May 19 until today, LINK registered bearish pressure as the price gradually declined every day until May 24 when it closed at $6.33.
Currently, on May 25, 2023, Chainlink’s price on CoinMarketCap is $6.30, indicating further declines over the last 24 hours.
LINK bears dominate the market with strong momentum
LINK is a famous cryptocurrency that bridges the gap between smart contracts and real data. Chainlink’s native token, LINK, has shown negative performance during the last day’s trading session. Notably, over the past seven days, the asset has been in a downtrend, resulting in a loss of 6.25%.
These losses suggest that sellers are putting pressure on buyers beyond their ability to hold the price, resulting in downward pressure on LINK’s price. Investor confidence in the market has declined, leading to a steady decline in prices during the last seven-day trading session.
Based on the CFG Social Sentiment Indicators, Chainlink (LINK) has an overall negative sentiment score of 17.5%. This implies negative social media conversations or a lack of investor enthusiasm for LINK.
Bearish trend line pattern
LINK has been on a bearish trend line chart since April 18 to present, resulting in a continuous price decline in the context of a downtrend.
This pattern is characterized by a series of lower highs and lower lows, indicating sustained selling pressure and lack of bullish momentum. Traders and investors may interpret this pattern as a signal to expect further price declines and consider strategies in line with the bearish market outlook.
Due to increased selling pressure, LINK has broken through the first major support at $6.2 and is moving towards the next support at $5.9. With the current bearish momentum, the asset may soon reach this support in the short term.
LINK on the chart goes down l LINKUSDT on Tradingview.com
LINK Technical analysis using indicators
The May 25 LINK trading chart shows that the market trend of the asset is bearish. The asset is trading below the 200-day and 50-day simple moving average (SMA), indicating bearish market sentiment.
This indicates that LINK will experience bearish momentum in both the long and short term. Investors may see this as an opportunity to take profits, leading to further price declines.
The LINK Relative Strength Index (RSI) is currently at 37.73, indicating a neutral market. However, the trend line is moving down, which indicates an increase in bearish momentum. It is worth noting that an RSI below 30 means strong selling pressure, indicating that the bears are in control of the market, while a level above 70 suggests that the bulls are dominating.
Finally, the convergence/divergence of moving averages (MACD) trading below the signal line confirms the presence of bearish movements in the market. This indicator suggests high bearish momentum in the market as shown by the RSI.
Featured image from Pixabay and chart from Tradingview.com
