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- 1 Chainlink (LINK) token price signifies bearishness and is trading in the bearish trajectory.
- 2 A rounding top pattern breakdown was displayed on the chart.
The LINK token price has breached the key support zone of $15 and is below the key moving averages, directing bearishness on the chart. Moreover, the price action reflects severe distribution from $22, losing over 35% of the gains in the last 30 trading sessions. However, this week, the token has made multiple doji candlesticks and is attempting a reversal. The bulls need to cross the immediate barrier of $15 to regain momentum.
At press time, the LINK was $14.08 with an intraday gain of 2.33%, reflecting neutrality on the charts. It has a monthly return ratio of -23.87% and 87.29% on a yearly basis. The pair of LINK/BTC is at 0.000220 BTC, and the market cap is $8.23 Billion. Analysts are neutral and suggest that the LINK token may continue to face selling pressure and will resume the underperformance ahead.
LINK Price Volume Profile Analysis On Daily Chart
The chart displays the price to volume profile of the Chainlink crypto reflecting the range bound movements this week. Moreover, the price action replicates the indecisiveness between bulls and bears. The intraday trading volume surged over 25.89% to $318.19 Million.
Price Volatility & Weighted Sentiment Outlook
Amidst the range bound price movement, the token displays a sharp spike in the price volatility curve throughout the week. The price volatility curve noted a jump over 5.43% to 0.018. Likewise, the weighted sentiment looks strong and stayed in the positive region around 3.459.
Social Dominance & X Followers Overview
Per the data, the social dominance charts noted a decline and dropped over 12.40% to 0.615%, noting a neutral outlook in the discussion reports.Conversely, the X follower’s data replicated a bounce and surged over 65.20% to 2125.
Development Activity and Total Open Interest Insights
The development data witnessed a follow-on incremental move and surged over 1.67% and reached the upside around 439, showing a positive outlook. However, the derivative data signifies long unwinding, reflecting profit booking; the open interest sharply fell over 4.10% to $108.81 Million this week.
Per the Fib levels, the Chailink token price has slipped below its 23.6% zone and is trading in the bearish trajectory. Similarly, the RSI curve stayed in the oversold region, but a convergence of the RSI line with the signal line was noted on the charts.
The total supply of the Chainlink token is 1 Billion, whereas the volume-to-market cap ratio is 0.0387, and it is ranked 20 in terms of market cap in the global crypto market.
Summary
The Chainlink token price is directing bearishness and is trading in the bearish region, reflecting underperformance on the charts. Moreover, the trend is negative and the token may continue to erode gains and will remain below the key EMAs.
Technical Levels
Support Levels: $13.20 and $12
Resistance Levels: $15 and $17
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
