LINK Rejected at Selling Pressure: Can $7.075 Support Hold?
4. Februar 2023
•Chainlink (LINK) faced a price rejection at the selling pressure zone at $7.500, dropping sharply by 6%.
•At press time, LINK’s Relative Strength Index (RSI) was 49, indicating an almost neutral structure leaning toward a bearish bias.
•Santiment data shows that LINK’s hourly active addresses spiked, but sentiment turned negative, which could undermine bullish momentum in the short term.
Overview of Chainlink’s Price Rejection
Chainlink (LINK) faced a price rejection at the selling pressure zone at $7.500, dropping sharply by 6% after hitting the above crucial selling pressure zone. Its value declined from $7.484 to $7.065 and is currently trading at $7.098. Holders still enjoyed profits as evidenced by the positive elevation of 30-day MVRV, however any decline in LINK’s prices could eat away holders‘ profits worth tracking Bitcoin price action to gauge the status of investors‘ holdings.
Relative Strength Index (RSI)
At press time, LINK’s Relative Strength Index (RSI) was 49 indicating an almost neutral structure leaning toward a bearish bias and bears could take control of the market if Bitcoin [BTC] fails to reclaim the $23.5K level and break below the support level of $7.075 and settle at around $7 or even lower to around $6.886 in the next few hours creating short-selling opportunities for traders/investors as well as pushing LINK’s value towards it’s bearish order block at 7306 if BTC surges above it’s 23500 level .
As per Santiment data Link’s active addresses have spiked in past hour indicating more accounts trading asset which could boost its trading volume and buying pressure if spike continues then 706 support can hold but drop in active address could devaulue asset further along with sentiment turning negative analysts being bearish on asset undermining bullish momentum in short term .
Check out Link Profit Calculator to see if your portfolio is green or not , this calculator can help you calculate gains or losses based on current prices while also helping you determine potential future values of your investment .
Link has faced a recent price rejection with sharp decline from 7484$ to 7065$ , holding its current value at 7098$, with RSI being 49 indicating almost neutral structure leaning towards bearish bias , Active Addresses spiking up yet sentiment turning negative investors should track BTC price action specially 23500 level surge above it would push Links value tpward 7306 whereas drop below would further devalue asset thus worth tracking BTC action to gauge status of investors holdings while profit calculator might help understand gains or losses related investments .