Convergence

Chainlink

Divergence

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/chainlink-struggles-as-crypto-market-soars" rel="noopener noreferrer nofollow">Chainlink Struggles as Crypto Market Soars</a><br></p>
<p style="text-align: justify">In a striking contrast to the broad cryptocurrency market surge, <a href="https://en.bitcoinhaber.net/chainlink-link-sees-significant-price-movements-and-market-interest" rel="noopener noreferrer nofollow">Chainlink</a> (<a href="https://en.bitcoinhaber.net/chainlinks-link-coin-surges-as-market-shows-bullish-signals" rel="noopener noreferrer nofollow">LINK</a>) has been showing a lackluster performance. Despite the positive trends and record highs in the sector, particularly with <a href="https://en.bitcoinhaber.net/optimistic-bitcoin-forecast-120000-by-2024-end-says-standard-chartered-analyst" rel="noopener noreferrer nofollow">Bitcoin</a>‘s (BTC) recent achievements, LINK has not followed the upward trajectory. This analysis delves into the reasons behind LINK’s sluggish price movements and what this could mean for its future.</p>
<h2 id="chainlink-s-market-challenges">Chainlink’s Market Challenges</h2>
<p style="text-align: justify">Bitcoin’s ascend to new all-time highs has paved the way for a general uptrend in the cryptocurrency market, with many altcoins experiencing significant gains. Nevertheless, Chainlink’s price sentiment remained relatively stagnant during this bullish period. Recent figures show a 2.86% drop in LINK’s value within a 24-hour span, alarming investors. As of this report, LINK’s trading value hovers around $20.70, with a market cap exceeding $12 billion, placing it as the 14th largest cryptocurrency.</p>
<p style="text-align: justify">Market analytics have pinpointed several contributing factors to LINK’s price correction. Notably, there’s been a surge in LINK deposits on exchanges, suggesting an increase in selling pressure. Concurrent with this trend is a reduction in active addresses and transaction counts, reinforcing the notion of a heightened inclination towards selling.</p>
<h2 id="prospects-and-predictions-for-link">Prospects and Predictions for LINK</h2>
<p style="text-align: justify">Should LINK’s price continue to descend, it risks a wave of liquidations around the $20.39 mark. Such liquidations could exert additional downward pressure on its value. For LINK to stage a quick recovery, maintaining a price above this critical level is essential. Chart analysis hints at an initial recovery target of $21, with potential for further gains if LINK breaks past this resistance.</p>
<p style="text-align: justify">Chart indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) present a mixed picture. The MACD hints at a possible shift towards positive momentum, while the RSI has recently inched above the neutral zone, suggesting a tentative recovery. Nevertheless, LINK’s future price movement remains contingent on broader market conditions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/chainlink-struggles-as-crypto-market-soars" rel="noopener noreferrer nofollow">Chainlink Struggles as Crypto Market Soars</a></h5>

Chainlink Struggles as Crypto Market Soars

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