Chainlink (LINK) Price Faces Bearish Pressure - Will $17.3 Support Hold?

Wednesday, 3 April 2024, 14:00

Recent indicators show Chainlink (LINK) price facing downward pressure with bearish trends highlighted by a death cross and ADX reading of 30.2. Falling daily active addresses suggest a decline in interest, potentially pushing LINK towards $16.2. As the support at $17.3 is tested, the uncertainty looms over LINK's price stability.
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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.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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