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- LINK declined, with frequent “death crosses” and multiple double bottom patterns.
- The Relative Strength Index and Ichimoku Cloud for the altcoin confirmed that the bears were in control at press time.
In the past two weeks, Link chain [LINK] It has seen a 25% decline, raising questions about its short- and long-term prospects.
This sharp decline has investors concerned, prompting AMBCrypto to look closely at the possibility of a LINK hack within the next 30 days.
The odds of gathering are low
We examined last month’s LINK trading chart to see the prominent bullish indicator known as the double bottom pattern.
As is clear in the chart below, connection Saw multiple double bottoms, indicating three instances of a bullish reversal.
Source: Trading View
The price often remaining near or below the lower Bollinger band means there is a lot of downward pressure, but it also indicates potential oversold conditions that may tempt buyers back into the market.
The 50-day EMA crossed below the 200-day EMA, which is the infamous “death cross” signal that usually indicates a bearish market outlook and possibly further declines.
Source: Trading View
RSI values have mostly remained below the 60 level, often hovering near or below the midline (50), indicating that bears are in control.
The lack of any sustained move above 60 reinforces the absence of upward momentum in the short term.
Link is stuck with the bears
The price tested the previous support level and slightly broke through the previous support level at around $13.50, but was unable to hold due to persistent downward pressure.
Source: Trading View
Price action is constantly below the Ichimoku Cloud, indicating a strong downtrend.
This means that LINK has absolutely no immediate signs of recovery, and this is reinforced by the MACD line (blue) which is located below the signal line (orange) and near the zero line.
Only 37% of LINK holders are profitable at the current price, and the majority (54%) do not have the money. This has contributed to selling pressure as investors try to minimize losses.
Source: IntoTheBlock
AMBCrypto analysis for IntoTheBlock It showed that exchange inflows were less than outflows ($35.48 million compared to $36.54 million).
Realistic or not, here it is LINK market capitalization in terms of BTC
So. More LINK was transferred from exchanges, perhaps to hold private wallets. This is evidence of accumulation, and where there is accumulation, there are bulls.
While LINK is unlikely to be hacked in the next 30 days, it still has strong long-term potential.
