Chainlink recently left the top 10 of the ranking of the main cryptocurrencies by market capitalization
After registering a market capitalization of $ 11.14 billion, Chainlink’s price [LINK] was at $ 26.58 at the time of this publication. Although altcoin was banned from CoinMarketCap’s top 10 cryptocurrency list due to its declining market capitalization, it was still offering strong returns to investors.
The data suggested that LINK witnessed a 108% growth in the year to date and was currently dealing with a monotonous market movement with bears taking over.
Chainlink [LINK] – Daily chart
Source: LINK / USD no TradingView
The chart above saw strong selling pressure in mid-March, which pushed the asset’s value to its lowest support level, $ 20. However, bullish momentum emerged and pushed the price up.
LINK is currently experiencing strong resistance at $ 33.08, which it has been testing for the past few days. Given the low, the current price has approached the visible support at $ 24.15 and the indicators have changed to make the low more evident.
The moving average of 50 managed to move above the price bars and was acting as resistance at $ 28. The price reached this level and reversed, not being able to breach it.
Meanwhile, the relative strength index was showing that the currency remained more or less close to the equilibrium zone and did not fall into the oversold or overbought zone. Currently, the RSI value was 45, which was close to equilibrium, which means that the current price level is supported by both buyers and sellers.
However, the market dynamics has been negative. This could bring in more sellers if the price managed to break support at $ 24. The next stop for LINK may be close to $ 20.
Chainlink’s current market may offer a short selling opportunity for traders if it breaks the $ 24 support. However, the market has remained low for a few days and a sudden price movement can be expected at this point.