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🔵 Chainlink – Why another 10% drop for LINK’s price is likely in the short-term Following a 12% price drop, Chainlink’s native token lost a crucial support level at $14.85. This level was where 17,000 investors and long-term holders accumulated 73.5 million $LINK tokens. Now, their holdings have turned red, according to the on-chain analytics firm IntoTheBlock. 🔸 75% of LINK investors see red After the loss of the $14.85-level, LINK has paved the way for a further price drop on the charts. In fact, at press time, the crypto was trading near $13.80, having declined by 12% in the last 24 hours. However, during the same period, its trading volume dropped by 15% – A sign of lower participation from investors and traders compared to the previous day. Owing to the aforementioned updates, only 24.96% of LINK holders are now in the money. On the contrary, the percentage of investors in the red and facing losses has surged to 74.74%.  🔸 Chainlink (LINK) price action and key levels According to AMBCrypto’s technical analysis, LINK may be poised for further downside momentum after breaking out of its three-day-long consolidation between $15.85 and $14.85. Based on its recent price action and historical patterns, if the asset closes a daily candle below the $13.80-mark, there is a strong possibility it could drop by another 10% to hit the $12.20-level in the near future. Thanks to its sustained price drop, LINK may be unable to move above the 200 Exponential Moving Average (EMA) on the daily timeframe. This indicated that the asset may be on a downtrend. Here, it’s worth noting that the 200 EMA is a technical indicator used to determine whether an asset is on an uptrend or a downtrend. 🔸 Intraday traders’ bearish nature The biggest evidence of the altcoin’s bearish outlook is the fact that intraday traders betting on short positions are currently dominant. Their numbers are rising significantly too, especially since more of them believe the crypto’s price won’t soar or recover soon. According to the on-chain analytics firm Coinglass, $14.82 is the level where traders holding short positions are over-leveraged, having built nearly $10.16 million worth of short positions. Meanwhile, traders betting on long positions might be exhausted, with over-leveraging at $13, where they have built only $4.26 million worth of long positions. These over-leveraged positions reflect the true nature of market sentiment. Hence, there is a strong possibility that short traders could easily push the price to $13 or even lower by liquidating long positions.

#memhash 🚀soon

$TRC maybe not today, maybe not tomorrow, but it will pump soon

Constant, uninterrupted #BTC sell-side pressure is unsustainable Seller Exhaustion will likely become a factor soon Seller Exhaustion tends to precede rebounds $BTC #Crypto #Bitcoin

$AI16Z Hit 1 Soon