- The market structure of Kettinglink was still bullish, but the weakened demand threatened to lower prices.
- The liquidity under $ 15 can lead to a link correction of 7%.
Chain link [LINK] Broken a six -week resistance on 8 May, but its order was underwhelming.
Since then, the water runs at $ 15.5 at the same former resistance level. In the second half of May it came between $ 14.84 and $ 18, unable to get through convincingly higher.
The rest of the Altcoin market was also in the Doldrums since 10 May. In an earlier report it was noted that Chainlink showed a high development activity.
A further consideration of on-chain statistics showed that holders were happy to take a profit around the $ 16- $ 18 region. Because a larger part of the holders was profit due to the move above $ 15, they chose to sell link.
At the same time, the question is delayed. In this scenario it was understandable that Chainlink was unable to gather.
Price promotion after the Breakout Saps Link Bulls’ spirits
Source: Link/USDT on TradingView
On the daily graph, Link formed a lower high structure after rejecting $ 17.42 resistance.
After testing the resistance earlier in May, Kettinglink has a lower highlights and equal lows- a triangular pattern. The OBV has gone lower in the last three weeks.
In fact, the previous analysis showed the sales pressure based on the average coin age statistics, and that has not changed.
Although the stochastic RSI formed a soil and the RSI has re -tested the neutral 50, the Beararish stranglehold was strengthened on the market.
This would probably see the link sink back in the range and fall as deep as the mid-range support for $ 13.2.
Source: Coinglass
The 1 -month liquidation heat folder from KettingLink emphasized a magnetic zone at $ 14.8. The expected drawing for Link in the coming days was almost 8% if this liquidity cluster was tested.
In the north, the local highlights had $ 17.3 and higher had a considerable amount of liquidations. Due to the lack of demand for chain link, a price decline was more likely.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer