The bears of the market have taken control of the LINK market in the past few trading sessions as the Chainlink price fell from ATH yesterday. The momentum in question was also revealed by the Awesome Oscillator as the red bars moved towards the halfway line.
A deeper correction could see LINK move down to the $ 28.5 support level. But considering the recent bull run, the correction will likely be temporary, with the market favoring the bulls in the long run.
The CMF showed that institutional money flow was strong as the index remained above the half line. The end of the consolidation phase could possibly result in LINK breaking a newer record high in the charts.
NEM (XEM) price analysis
At the time of this writing, the NEM price is trading in the green zone as it has increased modestly 2% in the past 24 hours. But the indicators favored sellers as the MACD line went below the Signal line and the Awesome Oscillator fell below the equilibrium.
The $ 0.377 support level could be significant, and a bullish trend could emerge if the level is based on selling pressure. If the price breaks below the support mentioned above, NEM could challenge the next line of defense at $ 0.348.