Over the past few days, the Chainlink price gained momentum. At the time of writing, however, it encountered selling pressure. The coin lost 0.7% of its value in the last 24 hours, indicating consolidation on the chart and erasing most of its gains from the past week.
The technical outlook showed that the bullish strength of the coin was weakening due to a decline in the number of buyers due to a decrease in demand and accumulation. Unless the demand remains positive, the coin may fall below its immediate support level, bringing in the bears.
However, if the demand remains positive, the bulls may attempt to increase the price. LINK has two crucial support levels. Its performance depends on the broader market strength, which has been uncertain as Bitcoin fluctuates above and below the $28,500 price mark, leading to confusion on most altcoin charts.
Chainlink Price Analysis: One-Day Chart
Chainlink was priced at $7.20 on the one-day chart | Source: LINKUSD on TradingViewsource:newsbtc
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Tue, 18 Apr 2023