Chainlink (LINK) attempted to claw back from recent losses with a promising rally on July 7th. However, that momentum proved short-lived, leaving investors wondering: will LINK climb to $15 or sink to $11?
Despite a bullish uptick in the last 24 hours that briefly pushed the price to $13.20, LINK remains down over 6% for the week. CoinMarketCap data paints a concerning picture, with a current price of $12.81 and a market capitalization hovering around $7.79 billion.
Adding fuel to the bearish fire, crypto analyst Ali pointed out a potential sell signal on LINK’s 4-hour chart, suggesting further price drops. Technical indicators on the daily chart seem to agree, with the MACD displaying a bearish crossover and the RSI hinting at a potential decline.
However, a glimmer of hope remains. Santiment’s data, analyzed by AMBCrypto, reveals continued buying pressure from investors. A recent spike in exchange outflow suggests accumulation, and a decrease in exchange supply indicates LINK moving into private wallets.
Furthermore, the Chainlink fear and greed index sits at 23%, signifying a “fear” phase in the market. Historically, such periods have often been followed by price increases.
Whales, however, appear less enthusiastic. Data shows a decrease in LINK held by top addresses over the past week, indicating a lack of confidence from major investors.
So, which way will LINK go? While the technical indicators paint a bearish picture, on-chain metrics suggest potential buying pressure. If the bulls manage to overpower the bears, a surge to $15 might be on the cards. Conversely, a sustained downtrend could see LINK fall to $11, as per Hyblock Capital’s data analysis.
Only time will tell which direction LINK takes. Investors should closely monitor both technical and on-chain indicators, as well as broader market sentiment, to make informed decisions.