Chainlink (LINK) Price Faces Bearish Pressure - Will $17.3 Support Hold?
Chainlink (LINK) Price Faces Downward Pressure
Concerns for Chainlink Price Stability
Recent indicators spell trouble for Chainlink price with a death cross and ADX reading of 30.2 highlighting bearish trends. Falling daily addresses suggest diminishing interest, potentially pushing LINK towards $16.2. Will support at $17.3 hold?
Chainlink Network Activity Declines
A shift in daily active addresses began on March 20, with notable declines between March 21 to March 25. Ongoing reduction in daily active addresses may signal waning interest, potentially impacting LINK's price.
LINK Average Directional Index (ADX) Increase
ADX for LINK increased significantly from 9.6 to 30.2, indicating strong downward momentum. A reading above 25 signifies a strong trend, with the current downtrend possibly continuing for LINK.
LINK Price Prediction: Back Below $16
Death cross formation on April 1 and a potential downtrend suggest a bearish market trend for LINK. A failure at the $17.3 support level could lead to LINK dropping to as low as $16.2.
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