Although Bitcoin hit an all-time high on the charts, the previous week saw the cryptocurrency’s value drop. Understandably, altcoins like Chainlink [LINK] also saw a significant bearish price move, while BTC dropped as low as $ 51,000 on the charts.
With a market cap of $ 10.35 billion, LINK was pushed to the eleventh place on CoinMarketCap’s list at the time of writing. At the time of writing, the altcoin was trading at $ 24.91, and the altcoin was looking for some stability on the charts.
LINK’s price dropped even more last week. In fact, the digital asset was trading for over $ 30 after the increase seen on March 17th. However, the market was unable to keep its high price before the corrections were finally revealed.
What’s more, the increased sales over the past few days pulled the crypto asset further and LINK broke several support levels. At the time of writing, LINK is located near the $ 24 support level, a level that has not been broken since February.
Where will LINK go?
On March 25, the price of LINK fell 15% in seven hours. This decline not only pushed the volatility in the market but also pushed the digital asset into the oversold zone.
Bollinger bands, the Signal line remained above the candlesticks while the price started to drop from $ 27. Also, the 50 moving average remains above the price bars, indicating a downward trend.
The Relative Strength Index also dropped below 30, indicating that LINK is oversold. The RSI value soon rose to 38. However, the same was trying to maintain balance at the time of writing.
LINK’s price is trying to consolidate around $ 24.50 after its massive drop. However, volatility and selling pressure is high. This situation made the concept of price stability difficult. If the selling pressure grows further, we may witness LINK break through the strong support level.