Chainlink

Coin

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 <li>The demand for LINK at $6.77 was not enough to avoid a sharp drop in price.</li> 
 <li>LINK formed a negative divergence, and a downward breakout could be on the horizon.</li> 
 <li>The CMF needs to form a higher low, alongside a lower high price action to offer a buying opportunity.</li> 
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 Despite its prolonged struggles in the second quarter, <a href="https://coinedition.com/tag/chainlink-LINK/" rel="noopener noreferrer nofollow">Chainlink’s (LINK)</a> performance in July has been relatively impressive. According to CoinMarketCap, LINK crossed $7 on July 14, thanks to a 10.17% 7-day price increase. 
 However, the token’s momentum has changed. As a result, LINK’s value fell to $6.68. One reason LINK decreased this much was the sharp <a href="https://coinedition.com/whale-ditches-link-and-bnb-for-pepe-and-eth-on-chain-data/" rel="noopener noreferrer nofollow">rejection</a> it faced at $7.17. On the LINK/USD 4-hour time frame, buyers made attempts to help the price recover. 
 <h2 class="wp-block-heading" id="h-distribution-overtakes-accumulation">Distribution Overtakes Accumulation</h2> 
 But the demand was not enough to outpace the numerous sell orders. Specifically, at $6.77, demand appeared again on 16 July. Unfortunately for bulls, the demand was not enough to override the resistance at $6.81 as LINK fell sharply to $6.66. 
 Furthermore, indications from the On-Balance-Volume (OBV) showed that LINK was going through a distribution phase. Also, LINK had formed a negative div… 
 The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/chainlink-link-falls-into-bear-trap-may-continue-evading-7/">Chainlink (LINK) Falls Into Bear Trap, May Continue Evading $7</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.
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Chainlink (LINK) Falls Into Bear Trap, May Continue Evading $7

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