Despite a 15% Upswing, Bearish Clouds Continue to Hover Over the Chainlink (LINK) Price Rally—Here’s Why!
The cryptocurrency market has been shaking since the resumption of Trump’s tariff war. StarBit Bitcoin’s price is under enormous upward pressure, dragging the level below $79,000. also, Chain link price Meanwhile, the local highs were $17 to $13, and the Bulls quickly triggered a strong rebound. This may indicate an increase in the influence of bearishness, but from a broader perspective, the bearish cloud continues to hover at the link price rally as the token has not yet entered the demand zone.
Does this imply that the link can verify the fake? Will the link price drop below $10?
Link prices have attracted attention since the 2023 extension merger erupted. Since then, the price has maintained a healthy uptrend and marked the temporary high above $30. However, the bullish dominance over the rally caused the price to fall by nearly $13. Currently, prices have triggered a rebound in lows, but several factors suggest that prices are still under huge bearish pressure.
From Single person It is implying that whales have stopped accumulating connections, which raises concerns about the next price action.
The above image shows that supply held by top link addresses has stopped accumulating tokens since mid-December. Prior to this, whales have been accumulating tokens, and the sudden stop of accumulation indicates that the whale’s confidence has declined. Currently, the top 5 wallets account for nearly 18.15% of the overall supply and are worth nearly $2.93 billion. At the same time, it can also be considered a whale with stacked tokens designed to prepare for big moves.
Will Link prices rise above $20 or below $10?
Link prices have been forming constant lower highs and lows, indicating an increase in the intensity of the bear. Although the bulls triggered a bullish rebound, the price continued to remain invisible until the token did not clear the critical resistance zone. Prices rose $16.50 in early trading hours, but soon faced a 5% pullback, indicating the existence of bears.
Prices triggered a strong rebound, but are expected to trade within the merger zone. DMI is preparing for bullish crossovers, but ADX is preparing for bearish divergence. Furthermore, RSI remains elevated, suggesting the growing intensity of the rally. On the other hand, the volume limit is still below average, suggesting a decrease in volatility. Therefore, it is believed that chain links (links) prices will accumulate in a narrow range for a period of time and may trigger a bullish rebound once the buying pressure increases.
Although the bullish potential remains low, the link price has not dropped to $10 as market sentiment is not completely bearish. Therefore, after the turbulent behavior, it is believed that the chain price will trigger a huge breakthrough to $20.
