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Chainlink was on a solid uptrend for two weeks, until the market crashed and ended this lone revolt. This is the third time this year that Chainlink’s recovery effort has been crushed by a bear market.
Up 47.43% since May 28, this altcoin has performed quite well in the post-May recovery. But in just the last 36 hours the coin has lost a significant chunk as LINK drops as much as 20% value.
At the time of writing Chainlink is trading at $6.66. This altcoin has retraced most of the momentum it has gained over the course of a month. First, LINK regained the 50-day simple moving average (SMA) (blue line) last tested as support 2 months ago in April.
Although it failed to retest the support level, it managed to close above it just before the histogram formed a red candle.
LINK also succeeded in retrieving the 23.6% Fibonacci level during the 47% rally. This level is important in providing altcoins with a solid base to bounce off the $10 mark, which coincides with the 38.2% Fibonacci level.
The sustained increase should have attracted more investors. Blockchain Oracle has set its sights on doing things like implementing a Price Feed on Solana. Integrating with its Dapps, LINK can easily increase the price. But instead, LINK faced the fury of panicking investors.
Within the past 36 hours, investors have sold over $19.8 million in LINK. Part of these 2 million LINKs belongs to long-term holders, consuming 4.04 billion days.
Investors can’t be blamed for turning their cars around because their decisions are completely justified. The falling price did not catch up, causing many people to lose big. And LINK is in the same situation, recording its highest loss ever of $212 million.
Trading volume has decreased and concerns have been temporarily postponed. But if this situation continues, sooner or later this altcoin will have to put aside its “to the Moon” dream.
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