The Chainlink price continues to bleed value and desperately needs a bullish kicker. All the signs point to more pain ahead for the bulls.
ChainLink is last trading $21.03 down $0.63 (-2.88%)
The last week has been miserable for LINK holders. Today’s decline brings the 7-day loss to -23.55%. The price has now given back over 40% of the bounce from its $14.95 low point in May.
It’s not just the ChainlLink price that is suffering. The entire crypto market has recently seen a reversal of sentiment, and LINK has traded broadly in line with its peers.
LINK recorded its all-time high of $54.34 on May 10th, however, gave back 70% of this by the 23rd. The relief rally that followed added 135% and saw LINK bounce from $14.95 to $35.77 in a three-day buying spree.
However, the knee-jerk reversal was short-lived, and subsequently, the Chainlink price reverted to a downward path.
The price action over the last month has wiped almost $13 billion from ChainLink’s valuation. Today, LINK has a market cap of around $9 billion compared to $21.8 billion at May’s peak.
Sadly, there are no indications that conditions will improve any time soon.
Looking at the daily chart, we can see an influential trend line from the May high that has frustrated every rally following the peak.
Until LINK can clear this trend line resistance at $24.20, it targets the May 23rd low at $14.95.
However, if the price can hurdle the trend line, a return to $30.00 looks probable.
For now, the path of least resistance is definitely lower for LINK.
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