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Chainlink crashes as investors keep pulling out of the market to mitigate their losses. The price of Chainlink declines along with other major altcoins in the cryptocurrency market. As of now, LINK has depreciated by about 16% in the last seven days.
#Chainlink (#link) Price Drops: Is It a Buying Opportunity for Long-Term Investors? pic.twitter.com/2ddijthZVe
— IC News (@Andrea70571778) August 16, 2023
Learn more on IC News post on X.
The chief cause of this massive crash can be attributed to the persistent decline in the price of Bitcoin. Moreover, according to a report from the Wall Street Journal, Elon Musk’s SpaceX has sold off its Bitcoin holdings after writing down $373 million, which also weighed on sentiment.
Watch this to learn more. Read further to know the LINKUSD situation.
Key Chainlink Levels to Watch: August 21
The market’s order flow for LINKUSD is bearish. This followed the MSS (Market Structure Shift) that ensued after the invalidation of the $7.280 old low. While the downtrend continued, a breaker block formed after an aggressive decline due to the increasing momentum of the downtrend.
According to the RSI (Relative Strength Index), a bullish retracement is imminent as the market recovers from its oversold state. Due to the overall order flow of the market, the bullish retracement might not lead to an invalidation of the breaker block.
Key Levels For LINK
Resistance Levels: $7.230, $9.650, $12.400
Support Levels: $6.020, $4.930, $1.520
Total Market Capitalization: $1.06T
Chainlink Market Capitalization: $3.34B
Chainlink Volume: $0.12B
Market Rank: #22
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