Cryptocurrency Q&A
Why is the Chainlink price falling?
Why is the Chainlink price falling?
Lorenzo
Sun Aug 18 2024
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7 answers
1613
Good day, I'm curious to know, could you please enlighten me on the current situation surrounding the Chainlink price? It seems to be experiencing a downward trend lately, and I'm trying to understand the underlying reasons for this decline. Are there any specific factors or events that have contributed to this fall in price? It would be greatly appreciated if you could provide some insights into this matter. Thank you in advance for your assistance.
7 answers
CryptoEmpireGuard
Tue Aug 20 2024
LINK, a prominent cryptocurrency, recently experienced a decline after facing resistance at a long-term level.
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Lorenzo
Tue Aug 20 2024
This downturn was accompanied by negative signals from technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).
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SamuraiWarriorSoul
Tue Aug 20 2024
Both the RSI and MACD are trending downwards, indicating a potential bearish sentiment in the market.
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BlockchainVisionary
Mon Aug 19 2024
The RSI, in particular, has generated a bearish divergence (depicted in green), which is a technical pattern that often precedes a price decline.
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Valentino
Mon Aug 19 2024
If the RSI falls below the 50 level, it would further strengthen the bearish trend.
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