Chainlink price signaled a possible start of a downtrend, the pair has been trading below $25 with a loss of more than 2%. The pair failed to capitalize on the previous session’s gains. The volume for the past 24 hours is $982,653,099, up 15.82% on the day. Therefore, enhance the search as LINK.
- Chainlink price trades with a loss of nearly 2% on Monday.
- LINK encounters a critical congestion area.
- A break of the $ support level will support the downward pressure on the pair.
Cryptomarket has let off steam after a good rally
The global crypto market cap was mostly unchanged at $2.07 trillion from the previous day. Affiliate is not an exception when it comes to selling pressure on a profit reservation account.
Chainlink price locked in a 23% gain from the low of $19.03 made on Dec. 31. Buyers show strength while pushing price above long-term support at $25.0 dollars and hit a high of $28.72. However, the price failed to continue with the upward momentum and returned to the indicated support level. Hence, making it an important level to trade.
LINK merges between 100 and 200 DMA confluence zones. Furthermore, the ascending trendline acts as a support for the bulls. Now, a decisive break below $25 will open the door for deeper declines. The first downside target for LTC can be found at the horizontal support at $22.47.
The daily Relative Strength Index (RSI) reads at 54 with a bearish crossover, which is supporting a bearish outlook for Chainlink. The Price Volume Trend (PVT) for Chainlink (Price) remains flat at current prices, sliding nearly 1.55 million from the 1.59 million high.
Speaking of other probabilities, acceptance above the 100-DMA could tease the bears and possibly pull back to the immediate highs of $26.76 made on Jan. 13. Next up, the bulls Market entry will approach the horizontal resistance area of $29.88.