Chainlink (LINK), which was traded at approximately $ 9.70-9.80 in the first hours of the day, moved downwards rapidly as the selling pressure increased later in the day. The cryptocurrency dropped to $9.30 for a short time and then showed a partial recovery in a narrow band. While investors’ focus shifted mainly to technical indicators today, it was stated that the momentum remained weak in the short term.
Movable fluctuation in market volume
Chainlink lost over 4 percent in intraday trading and stabilized around $9.40. The price, which started the morning in the range of approximately 9.70-9.80 dollars, entered a significant downward trend in the afternoon and dropped to 9.30 dollars. Meanwhile, the market value reached approximately 6.83 billion dollars, while the transaction volume during the day exceeded 600 million dollars. These levels indicated that there was a very intense and active transaction flow in the Chainlink market.
The price chart showed that the selling pressure continued uninterrupted throughout the session. Although buyers tried to stabilize the price in the $9.30-$9.40 range, primary buying appetite remained weak; The recovery was felt limited. The lower highs formed throughout the day revealed the strength of the downward trend.
It was observed that the sales accelerated especially towards the end of the session, pushing LINK to the 9.30-9.40 dollar band, and the recovery remained quite limited in this range.
Low volatility in narrow price range
Other recent market data revealed that LINK was traded at $9.61 in another session and moved in the lowest range of $9.46 and highest $9.84. This course showed that price fluctuations remained controlled in certain parts of the day, but the general atmosphere was downward.
Market capitalization remained stable at $6.99 billion according to new data; With a transaction volume exceeding 378 million dollars, the total amount of LINK in circulation stood at 727.1 million units. Despite short-term recoveries, LINK’s price is still well behind its 2021 peak of $52.70. This indicates that a long-term correction phase is continuing in the general market structure.
What do technical indicators and trading volume say?
In technical analysis, LINK’s price appears to be stuck between the middle and lower part of the Bollinger Bands. Most of the intraday price movements touched the $9.38-9.41 range. The upper band is positioned near $9.70 and the lower band support is positioned near $9.30. In the last sales wave, the price fell to the lower band, and although there was a slight recovery due to the short-term influence of buyers, the price could not return to the upper band with strength.
Current MACD data showed a predominantly horizontal trend with signals and main lines moving near zero. The fact that the bars in the histogram remained short revealed that the trading power in the market was weak in both buying and selling. Sudden increases in trading volume were seen as the price was falling, after which volume decreased and a relative stagnation began in the market. Such a course means that aggressive sales have slowed down, but a new upward period has not yet begun.
