LINK Cracks Key Support, Eyes $13 Amid Mounting Sell-Off
- Chainlink slipped below $14 after failing to sustain midweek recovery attempts.
- The price posted a series of lower highs and lower lows throughout the week.
- RSI and MACD indicators show growing bearish momentum and weak buyer interest.
- A drop below $13.70 could trigger further losses toward the $13 level.
Chainlink (LINK) ended the volatile week of trading on a clear bearish bias, falling below the $14 level as bearish sentiment controlled the market. LINK found it difficult to hold its ground in the face of general market volatility.
The token started the week trading higher at prices around $15 but soon came under intense selling pressure. This was followed by an abrupt decline as bearish moves started marking the beginning of consistent declines, with bears dominating despite the marginal recovery effort.
Having bounced near the $15 level mid-week, the coin faced resistance and didnt achieve a higher high. The rejection determined the subsequent sessions as well, which were marked by an uninterrupted slide with several red candles. LINK had sunk below the level of $14.25, and the slide intensified to reach lows near $13.70.
Trading volume was stable during the week, but the failure to follow through on the advance indicated diminishing investor optimism.
Chainlink Struggles Below $14 as Bearish Pressure Mounts
Chainlink (LINK) is indicating further weakness as it trades at about $13.79, having broken below the critical level of $14. The 4-hour chart indicates bearish momentum, as the coin is trading below its VWMA (20) and is clinging to the lower Bollinger Band at about $13.65.
The RSI is at 36.46, reflecting increasing selling pressure, and the MACD is still on the bearish side with an expanding negative histogram, both reflecting the bulls losing grip.
Throughout the last seven days, the coin has moved down from the highs around $15.80, recording consecutive lower highs and lower lows. Unless the bulls are able to recapture the resistance zone of $14.30$14.50, the risk of further drops is high.
A fall below $13.70 may unlock the path to $13 or less, and meaningful recovery would depend on a strong finish through the mid-Bollinger Band level to change direction.
LINK Shows Bullish Reversal Signs
Chainlink (LINK) is exhibiting the possibility of a potential bull turn on the 4-hour chart, as price action is creating the potential double bottom near the $13.70 level of support. This level was previously supported in mid-April, and the recent price action indicates buying demand.
Although the general direction has remained bearish with lower lows and lower highs, to complete the reversal, breaking the range of $14.20$14.30 is necessary. The price is testing the 20-period VWMA, and breaking and closing above it will further reinforce bullish action.
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Read more: https://www.tronweekly.com/link-cracks-key-support-eyes-13-amid-mounting/
Text source: TronWeekly
