LINK Price Drops 10% Despite Ripple’s Chainlink Partnership
The price of LINK has fallen by 10% in the past 24 hours, reflecting the broader cryptocurrency market downturn. This price drop comes after Ripple integrated chain link Standards will help launch new RLUSD Stablecoin on the chain.
At press time, LINK was trading at $20.77. Its technical and on-chain setup confirm the possibility of further declines, and this analysis explains why.
Chainlink faces double-digit losses as bearish sentiment intensifies
On Tuesday, digital payment service provider Ripple Partnership confirmed Together with Chainlink. The partnership aims to provide secure and accurate price data for RLUSD transactions on the Ethereum and XRP ledgers.
However, news of the integration did not have a positive impact on LINK’s price. Its value has fallen by 10% in the past 24 hours.
Moreover, LINK’s double-digit price drop was accompanied by a surge in trading volume, creating a negative divergence. In the past 24 hours, Token trading volume The total amount reached US$1.06 billion, an increase of 28%.
When trading volume for an asset surges during a price decline, it signals increased market activity, with more participants likely selling out of panic or profit-taking. This signals strong bearish sentiment and suggests that the downward trend may continue.
Additionally, negative readings of LINK price daily active address (DAA) divergence highlighted the low demand for the altcoin. As of press time, the figure was -56.61%.
This metric measures the price movement of an asset and its daily change in the number of active addresses. When its value is negative during price declines, it indicates on-chain activity is weakening in response to bearish price action. This indicates declining interest or utility in the asset, exacerbating the downward trend.
LINK Price Prediction: Drop below $20 or rebound above $30?
link trading It is slightly above the support formed on the daily chart at $18.53. If the current downtrend continues, this support will be tested. If it fails to hold, LINK’s price could fall further to $15.81.
However, if broader market sentiment improves and LINK accumulation recoveryit may push its price above $22.54 and close to the $30 price area.
Disclaimer
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