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Chainlink [LINK] Takes A Break From Its Uphill Journey

A carnage had struck the crypto-verse. Almost all the assets including Chainlink [LINK], Bitcoin [BTC], Binance Coin [BNB] along with several others were seen plummeting. While several others were suggesting that $35K was the floor price for BTC, the king coin took a plunge down to $34K. Ethereum once again failed to hit its all-time high and remained below $1.4K. Polkadot was seen surging over the last few days, however, the fairly new coin was dropping by over 8% in the last 24-hours. The overall market cap of the cryptocurrency industry had once again fallen below the $1 trillion zone.

Chainlink was on an upward trajectory and the altcoin even hit an all time high of $23.61 three days ago. The asset was trading at $20.67 with a 6% dip over the last 24-hours. The market cap of LINK preceded coins like Binance Coin. The asset was at the ninth position with a market cap of $8 billion.

Chainlink [LINK] One-Hour Price Chart


The one-hour price chart of LINK revealed that the bulls were still in the market. The daily moving average indicator formed a bullish crossover with the 50 daily moving average taking over the 100 daily moving average. The volume in the LINK market on Binance was quite low compared to a few days ago.

Chainlink [LINK] With Indicators


The Bollinger Bands indicator was converging further suggesting that there wasn’t going to be any major fluctuations in the price of the asset. The MACD indicator proposed a bearish sentiment as the MACD indicator was below the signal line. This crossover took place on 18 January 2021 and seemed to prolong its stay in that zone. The Relative Strength Index [RSI] indicator was below 50 median pointing out a sellers’ sentiment in the LINK market.

Confusion struck the LINK market as bulls and bears were putting up a fight. The entry of the bulls could aid the coin’s journey to push past its previous ATH, while the bears would depreciate the asset’s growth.

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