Chainlink Surpasses 128 Whats Next 15 or 11

Bijiew.com reported:
LINK has dropped by over 6% in the past seven days. There has been significant buying pressure on LINK, but indicators show a decline in price.
Chainlink[LINK] saw a hopeful bullish rebound on July 7th, hinting at a recovery from last week’s losses. However, LINK failed to sustain the upward trend and quickly lost momentum.
Let’s delve deeper into what’s happening and expectations for LINK in the upcoming days.
Sell signals on LINK charts
Data from CoinMarketCap shows that LINK’s price has fallen by over 6% in the past seven days. However, over the last 24 hours, with the token price pushed to $13.2, the situation started to improve, but this trend did not continue.
The price of Chainlink has only risen by 2% in the past day, trading at $12.81 at the time of writing, with a market capitalization exceeding $7.79 billion.
Popular cryptocurrency analyst Ali highlighted potential reasons behind this decline on Twitter. According to the tweet, there are sell signals flashing on the token’s 4-hour chart.
If true, more red candles may appear on the token’s 4-hour chart. Does this mean that the bearish trend will continue for a long time? Let’s look at the indicators for insights.
Significant buying pressure on LINK
Analysis from Santiment data by AMBCrypto shows that investors are still buying LINK, typically seen as bullish. This seemed to be the case a few days ago when there was a surge in LINK’s outflows.
Furthermore, the supply on exchanges is decreasing while off-exchange supply is increasing, further indicating significant buying pressure.
However, due to a decrease in the supply from top addresses last week, whales are not very confident in LINK and have sold the token.
Another positive indicator is Chainlink’s Fear and Greed Index. At the time of writing, it stands at 23%, indicating the market is in the “fear” phase.
Whenever this happens, it often signifies a high likelihood of price increase. Next, we plan to look at the token’s daily chart.
However, market indicators appear rather bearish. For example, the MACD shows a bearish crossover, and the Chaikin Money Flow (CMF) is moving south.
Additionally, the Relative Strength Index (RSI) is following a similar trend, suggesting a decline in price.
Reality Check: LINK’s market cap under BTC conditions
According to our analysis of Hyblock Capital data, it wouldn’t be surprising if LINK fell to $11 if the bears take control and paint LINK’s charts red.
Conversely, if bullish sentiment prevails, investors might soon see LINK touch $15.