Chainlink and MATIC have suffered losses in the past few days. This reversed the positive momentum that started to rise gradually following the recent price action of cryptocurrencies, with increased market volatility and reduced trading volume.
Bitcoin is now back at $37,940 after testing the crucial $40,000 resistance mark. The global cryptocurrency market is down 3.14% in the last 24 hours.
Chainlink (LINK) price analysis
Conditions were unfavorable for LINK in June as it fell from two support levels, $26.5 and $22. Although recoveries were made on June 12, the cryptocurrency is testing $22.2 at a price of $22.29.
Selling pressure for the asset continued to build as the Relative Strength Index (RSI) moved into bearish territory below the midline. The purple line of the indicator is at 38 at the time of this writing and may visit the oversold zone in the future.
The dotted line of the Parabolic SAR has been hovering above the candlesticks since June 16, indicating a sustained downtrend for the altcoin’s price action. Bollinger Bands diverged slightly as market volatility also started to increase.
As it is trading in the red, we could see the coin reach the $20 support if there is a further drop in valuation.
Polygon (MATIC) price analysis
MATIC is trading at $1.42 at the time of writing and is attempting to breach the $1.45 support. Trading volume has dropped 38.71% in the last 24 hours, while price is down 7.6%. It is down 43.9% from its all-time high of $2.62 exactly a month ago.
The bearish momentum started to pick up as the Awesome Oscillator’s red bars on the histogram moved below the half line. The dominance of capital outflows over inflows showed that investors were rushing to sell the money as the Chaikin Money Flow indicator also fell below the balance.
The Relative Strength Index (RSI) also highlighted the increasing selling pressure.
If the coin continues its downward move, an 8.4% drop could bring the coin to the next level of support at $1.31.