Chainlink pricing suggests the beginning of a slump; the pair has been trading below $25, losing more than 2 percent. The duo failed to capitalize on the previous session’s gains. The volume in the previous 24 hours is $982,653,099, representing a 15.82 percent increase for the day. As a result, the down aspect for LINK has been strengthened.
After a solid surge, the cryptomarket took a break
Compared to the previous day, the global crypto market value stays almost steady at $2.07 trillion.
Chainlink has risen by 23 percent since its December 31 low of $19.03. Buyers have shown tenacity, driving the price above the long-term support line of $ 25.0 and up to $ 28.72. The price, however, was unable to maintain its upward momentum and fell back to the indicated support level. As a result, it has become a critical trading level.
The daily Relative Strength Index (RSI) is 54, with a bearish crossing, reinforcing Chainlink’s negative view. The Price Volume Trend (PVT) for Chainlink (Price) is flat at the current price action, at 1.55M, dropping from highs of 1.59M.
In terms of the opposite possibility, acceptance above the 100-DMA might entice bears and lead to a return to the January 13 high of $26.76. The market would then go to the horizontal resistance zone of $29.88.
