After hitting record highs, Chainlink’s price fell in the past three days and fell more than 15%. The decline also reflected on LINK’s total market as its market cap fell below the $ 8 billion mark to $ 7.9 billion at the time of writing.
Indicators also favored sellers and a long downtrend could see the price testing the support at $ 18.54.
The Relative Strength Index was moving down from the neutral zone and targeting the oversold zone, which is the bearish sign for the price.
The bullish momentum in Aave also slowed after the cryptocurrency hit record highs.
The price has dropped over 12% in the last 24 hours and traded just under $ 180.
The next few sessions could be crucial as it could signal a bearish cycle below the $ 174 support.
If the price stays above the support mark, some sideways movement can be expected.
Dotted signs of the parabolic SAR were above the candlesticks, indicating that the price was in a downward trend.
A southward break confirmed a rising wedge pattern on the Compound’s 4-hour chart. The $ 200.4 support seemed to mitigate losses, but further declines in the wider market could see COMP drop towards the $ 190.25 support level.
On the other hand, a bullish reversal can see the price move closer to the $ 220.27 resistance.
The stochastic RSI pointed north from the oversold zone and indicated a reversal in the cards.
Chaikin Money Flow has also seen an increase, showing that the capital is ready to return to cryptocurrency.