{"id":632643,"date":"2024-08-01T16:00:57","date_gmt":"2024-08-01T16:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=632643"},"modified":"2024-08-01T11:28:40","modified_gmt":"2024-08-01T11:28:40","slug":"chainlink-at-risk-key-indicators-signal-further-losses-to-12","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/link\/chainlink-at-risk-key-indicators-signal-further-losses-to-12\/","title":{"rendered":"Chainlink At Risk: Key Indicators Signal Further Losses To $12"},"content":{"rendered":"
Chainlink<\/span><\/a> (LINK), one of the major players in the decentralized finance space, is currently facing increased bearish pressure in the market. As LINK’s bearish <\/span>momentum<\/span><\/a> continues to build, key technical indicators are signaling the potential for further loss toward the critical support level at $12 for the cryptocurrency. With this current price movement, Chainlink could continue to decline, testing lower support levels in the near future, unless there is a significant reversal in market sentiment.<\/span><\/p>\n This article provides an in-depth analysis by evaluating the current market sentiment around Chainlink, examining key technical indicators, and identifying critical support levels along with their implications for LINK’s price stability.<\/span><\/p>\n As of the time of writing, it had a market capitalization of over $7.7 billion and a trading volume of over $243 million.LINK was down by 3.75%, trading at around $12.82. In the last 24 hours, both the asset\u2019s market cap and trading volume have declined by 3.72 and 1.67, respectively.<\/span><\/p>\n Considering the asset’s price movements, it seems the current market sentiment around LINK is still negative. The price, currently, is actively trading below the 100-day Simple Moving Average (SMA), heading toward the $12 mark on the 4-hour chart.\u00a0 This suggests that the <\/span>bearish<\/span><\/a> trend might continue. With more selling pressure, this position indicates that Chainlink is likely to decline further as long as it remains below the SMA.<\/span><\/p>\nAssessing Current Market Sentiment Around Chainlink<\/h2>\n