Chainlink price signals the probable start of a downtrend, the pair has been trading below $25 with more than 2% loss. The pair fails to capitalize on the previous session’s gains. The volume in the last 24-hour stands at $982,653,099, up 15.82% for the day. Thus, strengthening the down look for LINK.
- Chainlink price trades with almost 2% losses on Monday.
- LINK encounters an important congestion zone.
- A breakout of the $ support level will aid the downside pressure on the pair.
Cryptomarket took a breather after a decent rally
The global crypto market cap mostly remains unchanged at $2.07 trillion in comparison to the previous day. Link is not an exception as comes under selling pressure on the account of profit booking.
Chainlink price has locked gains of 23% from the lows of $19.03 made on December 31. The buyers exhibit strength while pushing the price above the long-term support level at $ 25.0 and touching the highs of $ 28.72. However, the price could not continue with the upside momentum and faltered back to the specified support level. Thus making it a crucial level to trade.
LINK consolidates between 100 and 200 DMA confluence zone. Furthermore, the ascending trend line acts as a support level for the bulls. Now, a decisive break below $25 will open the gates for further down levels. The first downside target for LTC could be found at the horizontal support level at $22.47.
The daily Relative Strength Index (RSI) reads at 54 with a bearish crossover, which is supporting the bearish outlook for Chainlink. The Price Volume Trend (PVT) for Chainlink (Price) remains flat at the current price action, near 1.55M slipping from the highs of 1.59M.
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Talking about the other probability, acceptance above 100-DMA could tease bears and could move back to the immediate high of $26.76 made on January 13. Next, market participants would reach out to the horizontal resistance zone of $29.88.
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