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Chainlink under pressure: level of support at risk - investors on the wait!
Chainlink (link) in more important support, while winning is increasing. On-chain data show mixed market mood.
Chainlink under pressure: level of support at risk - investors on the wait!
The price of Chainlink (link) is currently approaching a crucial support zone, with the course under $ 22. This reports Fxstreet. A clear closing course below this level could trigger a deeper correction. The analysis of net profit/loss data shows that many investors realize their profits, which increases short-term sales pressure.
In the midst of the profit take -ups, however, the net inflows on the stock exchanges show the highest drains, which indicates that some investors accumulate link. Despite short-term bear tendencies in the on-chain data, strong drains from the stock exchanges signal a mixed market feeling.
Market analysis and technical indicators
Santiment's NPL metric recorded an increase in profit realization among the Chainlink owners on Monday and Tuesday. According to Cryptoquant, a negative net flow of 15,133 Link has been the highest drain since the start on Monday, which indicates an optimistic atmosphere, since tokens are deducted from the stock exchanges.
On Monday, the Chainlink Prize fell by over 5 % and closed under the daily support brand of $ 22.05. The price was rejected on Tuesday and continued its decline. Should link break under the rising trend line, this could lead to a decrease of up to 50%retracement level at $ 19.40.
Purchase opportunities and investor behavior
For investors who are interested in a purchase opportunity, areas between $ 19.40 and weekly support were identified at $ 18.81. The relative strength index (RSI) is currently 38 and is approaching oversized conditions. The Moving Average Convergence Divergence (MACD) showed a Bärisches Overcross last week, which indicates a bearish momentum.
Nevertheless, if support around the 100-dayema is found at $ 20.51, you could recover in the direction of resistance at $ 22.05. The developments of the past few days and the market analyzes indicate that despite the current challenges in the Chainlink market, the potential for relaxation and long-term growth is preserved.
In addition, Chainlink grows through partnerships, including with Solstice Finance, to improve infrastructure and market range. Crypto Finance, part of the Deutsche Börse Group, has also implemented Chainlink Proof of Reserve to ensure reliable information about reserves. This progress could help strengthen trust in Link as a significant cryptocurrency in the ecosystem.