• Chainlink (LINK) faced a price rejection at the selling pressure zone at $7.500 and dropped sharply by 6%.
• LINK’s Relative Strength Index (RSI) was 49, indicating an almost neutral structure leaning toward a bearish bias.
• LINK’s hourly active addresses spiked, but sentiment turned negative, indicating that analysts were bearish on the asset.
Chainlink (LINK) Price Rejection
Chainlink [LINK] faced a price rejection at the selling pressure zone of $7.500 which caused its value to drop sharply by 6%. Its current value stands at $7.098 and could break a crucial support level if Bitcoin [BTC] fails to reclaim the $23.5K level.
Relative Strength Index (RSI)
At press time, LINK’s Relative Strength Index (RSI) was 49, leaning towards a bearish bias. This indicates that bears might take control of the market if BTC drops below the $23.5K level which would cause LINK’s value to drop down to either $7.013 or $6.886 in the upcoming hours, offering short-selling opportunities for investors and swing traders alike.
Hourly Active Addresses
As per Santiment data, LINK’s active addresses spiked in the past hour, suggesting more accounts are trading the asset which could boost its trading volume and buying pressure and help it hold onto its support levels. However, should there be any decline in LINK’s active addresses this could tip bears to devalue the asset further in coming hours.
In addition to its hourly active address spike, sentiment analysis also showed a quick drop with analysts turning bearish on LINK’s momentum in short-term movements which may undermine bullish momentum even further should BTC fail to reclaim its mark at $23.5K thus eating away profits from holders of this asset – making it all important for investors and swing traders alike to keep track of BTC prices going forward for more insight into how their holdings will pan out over time..
Investors can check out Chainlink [LINK]’s Profit Calculator as well as Chainlink [LINK]’s Price Prediction 2023-24 while they wait for Bitcoin [BTC] prices action near the $23.5K level .