- LINK token price continues to fall under the influence of a resistance trendline and has yet caused a downfall of more than 60%
- The coin price has breached the 200 EMA recently, and the 50 EMA has just generated a death cross in the daily technical chart.
- The LINK/BTC pair is trading at 0.0005184 BTC with an intraday move of -1.91%.
LINK token price fell more than 60% under the influence of a resistance trendline after reaching $52. The technical chart of LINK coin price shows an increase in selling pressure in the trading volume.
The coin price is trading below all the critical EMAs – 50, 100, and 200 due to the recent downfall. Moreover, The current death cross signal might further increase the underlying bearish, resulting in a 10% to 20% within a few sessions.
The resistance trendline and the support level of $20 did create a descending triangle pattern in the technical chart. However, the recent death cross resulted after the coin price breached the triangle pattern and retested it to continue the downtrend.
The LINK coin price is at $16.95, with a fall of 27.77% in the intraday trading volume in the past 24 hours. Furthermore, the market cap of the coin has increased 2.65% in the past 24 hours. As a result, LINK dominates 0.57% of the crypto market and manages to secure the 15th rank in the crypto-verse.
Downfall Continues For LINK Token As It Breaches Weekly Pivot level
LINK token price faced a massive and sudden increase in selling pressure after hitting the $50 mark. The coin price halts near the 100 EMA in the weekly chart after creating an evening star pattern near the $25 mark.
The coin price may find support near the $11 and $7 if the bulls fail to control the situation. However, due to high market volatility, any up move in the coin price may face opposition from the $20 mark.
The coin price has breached the 50 EMA weekly and halts just above the 100 EMA after forming a long tail. As a result, investors may find the coin price consolidating between the two EMAs before making any decisive move.
The RSI (bearish) indicates bearishness as it moves just above the oversold zone and fails to rise higher.
The ADX indicates an increase in trend momentum as the slope in ADX is rising higher, implying an increased activity of investors.
Conclusion – LINK coin price has recently exhibited a massive sell-off near the $50 mark, followed by another bearish evening star pattern suggesting a boom in underlying bearishness.
Support– $11 and $7 along with major EMAs