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Chainlink: Whale activity signals more downside – Can demand at $14.27 hold?
The cryptocurrency market has been experiencing immense volatility lately, and the sentiment is overwhelmingly bearish. This is particularly evident in the case of Chainlink (LINK), which has lost a significant portion of its value in recent weeks. In fact, LINK has recorded its largest monthly loss, dropping by a whopping 26.80% following intense market sell-offs.
In the last 24 hours alone, LINK extended its downward trend, shedding an astonishing 61.2%. As the cryptocurrency continues to plummet, it is crucial for investors and traders alike to understand that this decline could potentially deepen before any significant price movement.
To shed some light on this situation, let us take a closer look at market indicators. One such indicator suggests that LINK’s current downtrend may continue even further, albeit potentially leading to a significant price move in the opposite direction.
While whales have been exerting downward pressure on the cryptocurrency over the past week, it is important to note that their activity has also led to increased selling volumes. This surge in whale-driven market activity could be instrumental in determining the trajectory of LINK’s price action moving forward.
Source: ambcrypto.com
