- Ah, the market structure of Chainlink, still bullish, yet weakened demand threatens to send prices tumbling like a poorly executed soufflé.
- Liquidity below $15? Darling, that could lead to a 7% LINK correction—how positively tragic! 🎭
Chainlink [LINK] bravely breached a six-week resistance on the 8th of May, but alas, its follow-through has been as underwhelming as a second-rate magician’s finale.
Since then, it has been treading water at the former resistance level of $15.5, meandering between $14.84 and $18 in the latter half of May, unable to muster a rally higher than a tepid cup of tea.
The rest of the altcoin market has also been stuck in the doldrums since the 10th of May. In a previous report, it was noted that Chainlink displayed high Development Activity—how positively industrious! 🏗️
A closer look at on-chain metrics revealed that holders were quite pleased to take profits around the $16-$18 region. With a larger share of holders in profit due to the move beyond $15, they chose to sell LINK, as one does with unwanted gifts.
Meanwhile, demand has slowed down, and in this delightful scenario, it’s no wonder Chainlink was unable to rally. How utterly predictable! 😏
Price action following the breakout saps LINK bulls’ spirits
On the daily chart, LINK formed a lower high structure after rejecting the $17.42 resistance—oh, the drama!
After testing the resistance earlier in May, Chainlink has formed lower highs and equal lows—a triangle pattern, darling! The OBV has been sliding lower over the past three weeks, much like my enthusiasm for this market.
In fact, previous analysis showed selling pressure based on the Mean Coin Age metric, and that has not changed. How riveting! 📉
Even though the Stochastic RSI formed a bottom and the RSI retested neutral 50, the bearish stranglehold on the market was strengthening—like a bad habit that refuses to die.
This is likely to see LINK sink back into the range, falling as deep as the mid-range support at $13.2. How delightfully tragic! 😱
The 1-month Liquidation Heatmap of Chainlink highlighted a magnetic zone at $14.8. The expected drawdown for LINK in the coming days is close to 8% if this liquidity cluster is tested—how positively riveting!
To the north, the local highs at $17.3 and higher had a sizeable amount of liquidations. Due to the lack of demand for Chainlink, a price drop appears more likely than a well-timed entrance at a soirée.
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2025-05-28 11:06