Chainlink (LINK) Price Hits Another Brickwall Following 10% Fall
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Chainlink's (LINK) price has dropped 10% in three days, from $13.76 to $12.44, disappointing holders who saw a rise to $15 in July. The key factor is the fall in Realized Capitalization from 75.51 million to 11.14 million, indicating a shift from short-term holders to high conviction holders. Historically, this foreshadows a consolidation or further decline. LINK trades at $12.49, and increased tokens sent to exchanges imply a sell-off, potentially leading to downward pressure. The symmetrical triangle pattern suggests a pause, but a continuation of the trend could see LINK falling below $12, with a target around $11.04. The bearish momentum is also indicated by the negative MACD. Conversely, if bulls defend the $12 level, the price could bounce back toward $14.16.
Source: beincrypto.com ↗
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