Chainlink price declines below $10 as selling pressure mounts

Chainlink price action has been overtly bearish as of late, with LINK being unable to hold above $10 despite the technical strength resulting from its recent rebound from the $7. At press time, Chainlink is trading at $ 9.17, nearly a 5% decrease in the last 24 hours. This weakness has come about as a result of turbulence within the rest of the cryptocurrency market.

chainlink-price-declines-below-10-as-selling-pressure-mounts1

LINK/USD 4-hour chart | Source: TradingView

Chainlink price declines below $10 as selling pressure mounts

At press time, Chainlink is trading down 4.93% at its current price of $9.17. This marks a notable decline from its recent highs of $10.5 set just before the recent selloff. LINK price action has been weak ever since it declined from its multi-month highs of $20.00.

The intensity of this selloff has been rather extreme, and it does seem as though it struck a serious blow to its underlying strength. $10 has been a pivotal level for LINK, although bulls have so far been unable to secure a strong positioning above this level.

While speaking about where he expects Chainlink to trend next, analyst TraderSZ stated that he is looking for a move down towards the cryptocurrency’s August low under $7.

He stated:

“LINK update. Probably get a bounce here at ‘July high’. Once we can clear this level, I’ll tighten stops and look to add more targeting ‘August open’ and then August low.”

chainlink-price-declines-below-10-as-selling-pressure-mounts

Where the market trends next will likely determine the fate of Chainlink, but it remains unclear as to whether or not it will be able to garner enough independent momentum to break its downtrend.

You can see the Chainlink price here.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS